This time, it’s the right one, as it is hoped indeed.
Last Friday, the EU heads of State and government were in Brussels for the traditional European Council and found an agreement on a new Eurozone rescue plan, allowing a strengthened economic union to the great displeasure of United Kingdom which rejected it.
A plan proposing a new strength of the European Financial Stability Facility (EFSF), the future European Stability Mechanism (ESM) and the implementation of sanctions vis-à-vis countries which would not respect their engagements regarding the budgetary discipline policy.
A plan faithful to the road map designed by the Franco-German tandem, adopted by the quasi-unanimity of the Member States and having to calm down markets and other raking agencies which are still calling the shots since a very long time.
Nonetheless, will this new plan be really efficient? Indeed, if the EU Heads of State and government expressed their attachment to the European integration and the single currency, we can’t help thinking to the previous summits in which our dear leaders showed they lacked ambition and visions for the European Union and even if we can be satisfied, some questions remain.
Because if the Member States decided more budgetary austerity, the fact remains that the European citizens will have to make new efforts. What is more, this step to more federalism is still shy insofar as the euro-bunds option was put aside once again which largely satisfied Germany which didn’t see the European Central Bank (ECB) prerogatives increasing even if it has a greater role piloting the EFSF and the ESM.
Once again Euro is saved but for how much time? In fact, the solution is in our leaders’ hands, still cautious to be totally engaged in the federalist way although very important even inevitable if we refer to the Maastricht Treaty and the Economic and Monetary Union spirit. This federalist approach is clearly the implementation of a European economic government but we are still far of it. Furthermore, this agreement lacks a real ambition for growth as Catherine Trautmann, the former socialist mayor of Strasbourg and current French MEP underlined. At it, there still exists an inter-governmental logic because instead of revising the current EU Treaties, the EU member States eventually concluded a classic international agreement to get round the probable British veto.
So, is this agreement really the good one? Hard to say, the objective of this plan is to put a stop to the current debt crisis. Nonetheless, this agreement puts United Kingdom in front of its responsibilities, which I’m going to explain later.