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The great challenge of FME

Brussels proposes a fund to consolidate the euro and a common Finance minister

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The great challenge of FME
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European ambition

European Optimism (15/09/2017)

Ride Europe (09/09/2017)

The European Commission will present in next few hours a detailed plan of a European Monetary Fund (FME), which in IMF's image serves to rescue countries in crisis; Redrive your banking systems at no public cost and support a future budget piggy bank capable of tackling problems that affect more partners than ors (so-called asymmetric shocks).

This project, which now reveals country, is accompanied by anor institutional court that designs figure of future European finance minister, to unite in his figure functions of economic management of eurozone and EU, now scattered between vice-presidency of Commission and presidencies of Eurogroup and financial stabilization mechanism ( bailout fund).

The double plan is a crucial issue for EU, because it involves putting thread in needle of a key challenge: culmination of Economic and monetary union. Their structural inadequacies were on verge of not being able to avoid euro catastrophe when Great Recession unleashed in 2008/2009 became deep and reverberated in 2011/2012.

The time to discuss this project is appropriate, because discussion of previous papers has been broad in institutions, from Parliament to Eurogroup, in some national parliaments (not in Congress of Deputies), among experts, committees Economic and social, unions and employers and university circles. It does not contain, refore, daydreams in emptiness.

It is also politically opportune. It responds in this area to a triple onslaught. First, that of Community institutions mselves, which are maturing underlying ideas for a luster. Second, to need to have an ambitious horizon of economic policy in medium term that counter regressive nationalist-populist approaches, at moment contained in different electoral calls of 2017, but too Vitamin. And third, to urgency of reinforcing bonds of locomotive germanofrancesa in a very delicate moment.

Indeed, on one hand, French president, Emmanuel Macron, has made defense of greater economic and political integration its flag: And that is a substantial part of best of it, which compensates for or domestic policy mistakes. Consolidating expectation of a European advance is also a good recipe to ensure a regeneration of France and a new rebalancing role in Union as a whole.

On or hand, clear ideas are good, although y may be controversial for some, to clear thick complexity of dabbling for a government alliance in Germany. And to reinforce flanks today more Europeans of its electoral range, Christian and Social Democrat.

Among virtues of projects concluded by Brussels, it stands out that wield a viable meeting point between ambitious needs of France and pragmatic German realism. A crossroad in which Spain must feel necessarily comfortable.

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