Result probably the calm on the markets, the seventh - and last - year European Council has certainly been the more serene. He helped record the revision of the Treaty of Lisbon, which should pave the way for the creation of the euro area countries permanent relief fund. In mid-2013, it will take the current device relay, devoid of legal basis. From the hesitations of the first months of the crisis, twenty-seven did not hesitate, this time to consider the future Fund to operate as an "open commitment", not capped.
"We have violated all rules of the Treaty of Lisbon because we wanted to close ranks and really save the eurozone," said Christine Lagarde, French Minister of economy, in an interview with the "Wall Street Journal". She called the "major adjustment" Emergency Fund and also held that a restructuring of the debt of the Greece or of other States was not the order of the day in the euro area.
If the euro falls, Europe explodes
The agreement of the European Council was primarily an opportunity for a genuine profession of faith for the euro on the part of many leaders. "The destruction of the euro would be a disaster for the continent and for all Member countries, said the French President, Nicolas Sarkozy.". If the euro falls, it is Europe that will explode. "The President of the Eurogroup, Jean-Claude Juncker, has tried to generate, as he announced, a discussion on the creation of Eurobonds, signal, according to him, an irreversible commitment to the single currency. According to a participant, the debate was "short and soft". At best, many found the idea "premature." "If a country today takes the liberty of fixing the rate of the lowest corporate tax, I do not see why it would transfer its debt at the European level", said Nicolas Sarkozy, echoing the position of the Germany, for which the pooling of the debt cannot also true harmonization of budgets.
For the France and the Germany, the best systemic response to the crisis, it is the convergence of European economies in the long term. "We need convergence of fiscal policies, payroll, pension systems, training of young people and elite, because it is this which explains the differences in competitiveness," explained the President of the Republic. "Need to go beyond the single budgetary convergence." "This will be the work of the first weeks of the beginning of 2011", he continued, announcing joint proposals with the Germany. Meanwhile, Jean-Claude Juncker called double reflection on tax harmonization in the Union of a "social harmonisation".
Spending freeze
What role to play, in this context, the European budget The letter sent Saturday to the President of the European Commission, on the initiative of the United Kingdom, followed by the Germany, the France, the Netherlands and the Finland, major contributors to the finances of the Union, is unambiguous: it asks a gel in real terms of European spending. "Payment appropriations" will not increase "more than the davantage que l' inflation inflation" to 2020, said the missive. An effort considered normal at the time where Member States make "significant efforts" to control public spending. The structural funds are likely to be the first victims of the budgetary debate, except to massively redirect towards certain priorities, such as technology and innovation. A strategy of reduction of gaps of competitiveness the Commission ready to propose.
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