Draghi and Schäuble push for more European integration [LesEchos]
July 22, 2012 Leave a comment
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“Any movement toward a financial union, fiscal policy and in my opinion is inevitable and will lead to the creation of new supranational entities,” said the President of the ECB. A view shared by the German finance minister who said “we must continue to work on closer cooperation on economic and financial policy.”
The President of the European Central Bank and the German finance minister pushing for a strengthening of European political integration, that France has no plans at this time with caution. Mario Draghi and Wolfgang Schäuble spoke Saturday in two French dailies, Le Monde and Le Figaro the first to the second-in the aftermath of the Eurogroup agreement on conditions of a European assistance to recapitalize Spanish banks . They leave the both agree that one of the lessons from the crisis of sovereign debt in the euro area is the need to strengthen European integration.
“Any movement toward a financial union, fiscal policy and in my opinion is inevitable and will lead to the creation of new supranational entities,” said the President of the ECB. “In some countries, the transfer of sovereignty (…) this implies is a major challenge,” admits Mario Draghi. But “With globalization, it is precisely by sharing sovereignty that countries can better preserve.” For the head of the ECB, no doubt: “In the long term, the euro should be based on greater integration. “
A view shared by the German finance minister, has long been an activist for more federal Europe. “We must continue to work on today which was not feasible at the time of the creation of the euro: closer cooperation on economic and financial policy,” he says in an interview Le Figaro. “In other words, a stronger political union, with changes in treatment,” said Wolfgang Schaeuble. May 17 at Aix-la-Chapelle, in the Charlemagne Award, which recognizes individuals for their commitment to European integration, he already called for a “political union”. It proposes a bicameral Parliament with greater powers, including a Chamber elected by direct universal suffrage, as well as the president of a European Commission turned into a true government of the EU.
The German finance minister is actually a repeat offender. In 1994, with another leader of the CDU, Karl Lamers, he proposed to France to go ahead with greater integration policy of the European Union by establishing a “core” with some other member countries. He was then struck with a blunt-received by French Prime Minister at the time, Edouard Balladur, who responded in an article in Le Monde: “There are only disadvantages to reopen the debate on federalism. “This allergy to the notion of federalism endures in a culture steeped in Jacobin France and intergovernmental.