Eurogroup: What remained of reforms | Europe | '
It should be the big hit: France's President Emmanuel Macron wanted a billions of dollars budget and a special finance minister only for the euro area. His plans should bring the entire EU forward and secure the single currency against new crises. But not only the federal government in Berlin let him, albeit friendly, abflitzen, also in many other countries, the enthusiasm is limited. It is agreed, however, that the common currency must be strengthened.
Meanwhile, among the Eurogroup countries, a minimal consensus emerges that hardly has anything to do with Macron's original ideas. The budget should not now be independent, but part of the entire EU budget, its funding and its scope are not yet fixed. In any case, it will be much smaller than demanded by Macron. And you do not talk about a euro finance minister anymore. Moreover, the budget should only increase the competitiveness of the euro countries and help to eliminate economic inequalities to some extent, but are not available for crises. Economically strong countries, such as the Netherlands and Finland, fear that bad-performing countries could misuse the fund at the expense of others. Spain's Socialist leader Pedro Sánchez, however, backs Macron.
Macron urges more reforms, Merkel brakes
Eurogroup chief Mario Centeno said in Brussels that the "ambition" and "leadership" of Macron are important, "we need exactly this mood". Centeno tried to present the controversial debate positively: yes, the Eurozone budget is still an "embryo", but "crucial for the Eurozone countries is that we have a euro budget" and that it "effectively ensures greater competitiveness and economic convergence". The head of Eurogroup, because of his position, can not commit himself to a particular side, but must try to bring together the various positions.
The pressure has dropped – for the time being
There were also big plans for the euro rescue package ESM, which the euro zone countries had launched during the severe financial crisis. Even the former German Finance Minister and today's Bundestag President Wolfgang Schäuble spoke years ago of expanding the ESM into a European Monetary Fund. There is no talk of this idea either. Nevertheless, the ESM should play a more important role in the future, for example when banks are in financial difficulties. Because the governments hold fast to the goal that in the future no money of the taxpayer should be used for the bank rescue.
One reason for the lame commitment of the euro countries to further reforms is that the European economy is doing well today and unemployment is comparatively low. The pressure to act has diminished significantly.
Giuseppe Conte wants to avert criminal proceedings against Italy
A deterrent example Italy
Moreover, after the spectacular rescue of debt states in the economically strong countries, there is the impression that they could easily be exploited if reform continued. A recent example of this feeling shows Italy: Although the country is highly indebted and has just been warned by the Commission to reduce its budget deficit, the government in Rome makes little effort to listen to it. Prime Minister Giuseppe Conte said only at the summit, he hopes to avert criminal proceedings, for which the other states have already given the green light in principle. Conte openly questioned the stability criteria set by the Commission a few days ago and threatened: "Either the European Union is reforming itself or it is destined for a slow but irreversible decline."
But such words are but water on the mills of those who warn against an extension of European aid. The Summit Decisions of the Heads of State and Government now vaguely state: "We call on the Eurogroup and the Commission to further clarify all outstanding issues." A deadline is not mentioned.
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