The European Union is experiencing an existential crisis, as the
European elections will soon brutally remind us. This mainly involves
the eurozone countries, which are mired in a climate of distrust and a
debt crisis that is very far from over: unemployment persists and
deflation threatens. Nothing could be further from the truth than
imagining that the worst is behind us.
This is why we welcome with great interest the proposals made at the end of 2013 by our German friends from the
Glienicke group
for strengthening the political and fiscal union of the eurozone
countries. Alone, our two countries will soon not weigh much in the
world economy. If we do not unite in time to bring our model of society
into the process of globalisation, then the temptation to retreat into
our national borders will eventually prevail and give rise to tensions
that will make the difficulties of union pale in comparison.
In some
ways, the European debate is much more advanced in Germany than in
France. As economists, political scientists, journalists and, above all,
citizens of France and Europe, we do not accept the sense of
resignation that is paralysing our country. Through this manifesto, we
would like to contribute to the debate on the democratic future of
Europe and take the proposals of the Glienicke group still further.
It
is time to recognise that Europe's existing institutions are
dysfunctional and need to be rebuilt. The central issue is simple:
democracy and the public authorities must be enabled to regain control
of and effectively regulate 21st century globalised financial
capitalism.
A single currency with 18 different public debts on which
the markets can freely speculate, and 18 tax and benefit systems in
unbridled rivalry with each other, is not working, and will never work.
The eurozone countries have chosen to share their monetary sovereignty,
and hence to give up the weapon of unilateral devaluation, but without
developing new common economic, fiscal and budgetary instruments. This
no man's land is the worst of all worlds.
Read more: Our manifesto for Europe | Thomas Piketty | Comment is free | The Guardian
