In 2008, system suddenly crossed its limits: Despite promises, re has been no refoundation — not even media — of capitalism. In 2012, euro was close to jumping in air: ECB and eurozone partners saved furniture, but Europe is aware that it has to reinforce single currency. It won't be easy. The European summit has failed this Friday miserably in first serious attempt once recovery, which should be right time to undertake major works in architecture of euro. The leaders any package of proposals from European Commission. The French president, Emmanuel Macron, seems to agree to lower his initial ambitions. France awaits Chancellor Angela Merkel: Macron and Merkel made it clear that y intend to agree on ir own new eurozone architecture in 2018.
There is chemistry between Merkel and Macron, which on Friday did not want to take advantage of internal weakness of Chancellor, in process of formation of government. Once re is a coalition, finance ministers of two banks of Rhine will agree on measures in which re is consensus to move forward, two leaders have explained at a joint press conference. So euro summit ends in nothing: Leaders will reconvene in March to approve short-term reform agenda. The most ambitious measures do not even have a clear timetable to this day. More summits, more agendas, more calendars: That's all for moment.
"I am not here to put my ories about eurozone on table: I will not propose measures that have no support and can move forward," pointed out a macron that looked just like horse. At his side, Merkel nodded satisfied. The Chancellor has avoided getting into puddles. Your time will come: "We have different possibilities for reforming eurozone, but in addition to integrating we should improve competitiveness," he said. Competitiveness is a magic word: When leaders don't want to commit to anything, y take it out of ir sleeves immediately. Merkel prefers to wait for her political horizon to be clear: "Once a government is formed we will undertake euro reform, which is a process. Today was just beginning, "he said to journalists.
There is no consensus for most ambitious reforms: "More competitiveness and convergence must be achieved," Merkel insisted, "but putting more money [in reference to eurozone's anticrisis budget, which Berlin does not want to see or paint on] will not solve Europe's problems. With se wickers, Europe can hardly take steps forward in banking union, with firewall for resolution fund, which serves to lower blind in banks without causing a jolt in financial sector. There could also be consensus to turn rescue mechanism into a more powerful European Monetary Fund (FME). And little more: "The political context does not help and reform of Economic and monetary union causes large divisions at this time", has admitted a high European source.
Everyone knows what it takes to prop up euro: an anticrisis budget, Eurobonds and a FME with firepower to bail out states and banks if necessary. But no one knows how to convince creditors, who have had a great crisis and defend status quo. Merkel has given her word to macron that re will be a leap forward. But Holland warned on Thursday where shots are going: Dutch Prime Minister, Mark Rutte, refuses in round to this anticrisis budget, Eurobonds and only accepts monetary Fund if countries who control it, so that bailouts are in exchange for Dur Conditions. Holland and Germany are clear that y want no more solidarity. On contrary: star proposal in The Hague and Berlin is a mechanism for automatic restructuring of sovereign debt that could provoke, according to France, Italy and Spain, a reissue of euro crisis.