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Je t'aime ... Moi non plus

Do you remember that song by Serge Gainsbourg? I love you, me neither. Or maybe I loved you. Some perceive the euro with the same bewilderment that a sense of passion. The contradictions of love. The word "plus" does not sound like French. In English it is a stale aftertaste. English is strong and positive. Since yesterday all heads of government of the EU are in Brussels at the top most anticipated of the century, or at least the most fun for observers, with the ingredients of that tension, deliberately unconcealed, between Sarko and Merkel, for his disagreement in the Libyan conflict. Although I suspect that the French will pleased go hand in hand with Cameron in the military adventure. Remember that there is a military alliance between Britain and two French ... But let's focus.

Noting that the cause of the economic difficulties of Europe is not the euro, but the slowness or failure of the reforms take effect, the incentives for the deal are more intense than ever. Poor Socrates receives pats on the back, while the diplomatic corps accompanying him is the perfect image of desolation. Sarko gets angry with the right high Portuguese, and threatens to impose even harsher restrictions than those proposed by Socrates in the Assembly on Wednesday in Lisbon. Meanwhile, Portugal's Barroso good deals to represent the guardian newsprint European bank shares with conservatives that sentence Socrates impotent, the opposition will see how far Portugal has to bear the costs of restrictive policies. This Council, with their dinners and lunches, is the recreation of the art of politics in its purest form.

Nothing will be easy, but the euro is still a "plus" for which everyone was willing to give up their national macroeconomic independence more than a decade. Not surprisingly, the political language was intentional, we have moved into two months of the pact on competitiveness, the pact of the euro, and finally settle into Euro Plus Covenant (adopted yesterday) that includes all chapters of the plan that they hatched a couple of months ago Van Rompuy and Barroso. It is a work that aspires to go beyond the structural adjustments due to tackle the financial turmoil, and leave behind once the paralysis of European growth. Eye, it would not be easy to be warned, that asymmetries would be left see, too ... Those naysayers who claimed that asymmetries would jeopardize the political arrangements in the euro area, and many end up leaving the euro, are far from seeing their wishes fulfilled.

the euro, and the reaction is generating centripetal-refutes those who claim to build a monetary union must be a prior political union, even refutes those who deny the political Europe that somehow, it is identifiable even for non euroentusiastas. Some complain that the single currency has been used as justification for implementing policies or to encourage liberal policies, not realizing that the euro has allowed encourage the competitiveness of Europe. Meanwhile, the ECB is an easy target for criticism. Of course, much easier for unions, the monopolistic enterprises or those who make a bad use of markets pure financial speculation.

I am pleased, however, that the governments of the Member States are not falling into the rhetoric of blaming the ECB or Brussels in crisis and the consequent adjustment measures. Could. Are more ruthless ideologues still obsessed with the demand in the economy, bypassing everything points to the EU on economic problem has to do with supply. There is something of Keynesianism in the view of demand, a short-term approach. The euro has been beneficial to eliminate exchange rates, increased price transparency, to reduce interest rates or to avoid financial crisis countries saw the overnight revalued its public debt (Italian or Greek debt came to be regarded as German debt), but has become an obstacle when economies were unable to maintain an adequate level of growth, have ; indebtedness, the bubbles have burst, something that is often accompanied by obvious signs such as low productivity, ie lagging economies that are not productive and generate high rates of unemployment. In any case, rather an apparent obstacle, because it forces adjustments, which (otherwise) would be inevitable, or is that somebody believes that competitive devaluations can be a smart strategy? The crossing of the euro in our destination has freed us from having to prove it.

The newly formed Covenant is the work of Barroso, although Berlin is the leading voice in this milonga. It is he who pays most of the bill to € 40 billion stability fund account (FEEF), which runs until 2013. Spain and Italy have had to give in and made five annual payments of € 16 billion from 2013 and 2018. This translates to an availability of 500 billion euros for the whole eurozone, where the famous FEEF expires. Plus Euro Pact was signed by non-euro members, leaving out only the United Kingdom, Sweden, Hungary and the Czech Republic. Although bargaining has not been easy.


The "plus" that brings this agreement is that it reinforces a soft mattress designed to protect the risk of death to the clumsy trapeze artists, bad managers, those responsible for the crisis, governments are not sighted , yes, they are clumsy trapeze artists, but, fortunately, no stickler suicide. Brussels is finally changing the landscape of European economies, so far so prone to over-protection of certain sectors and groups. The reform is aimed at an overall reduction of public spending, greater permissiveness and economic flexibility. The twenty-three of the undersigned twenty-seven, and might even admit that Europeans utilitarian reasons. I do not know if Europeans and romantic in the traditional sense. This new Euro Compact Plus seals a love interest and, therefore, durable, placing each in its rightful place.