Reasons for hope

Published on 9 May 2013 at 08:00

Is there still a reason to celebrate Europe Day and the anniversary of the Schuman Declaration, which led to the founding of the European Union? Not really, I hear you say.
Caught in the grip of the most severe economic and institutional crisis since WWII, Europe is going from bad to worse. To name but a few of the obstacles it faces: Europe has to contend with a rift between a virtuous North whose solidarity has been all but exhausted and a South that is lagging behind; with an integration process that has been blocked by states which jealously guard their sovereignty; with the isolationism advocated by some and the confrontation proposed by others; and with the disaffection of its citizens. In short, for its most ardent opponents, it is only a matter time before the EU collapses.
However, there are reasons to believe that Europe has already hit bottom and may be on the way back. The signs that this is the case are not easily descernible — let’s say that you need a good magnifying glass and a hefty dose of optimism to see them. But they are there nonetheless.
The banking union, which will be indispensable if we are to avoid another sovereign debt crisis, appears to be taking shape. On May 7, German Finance Minister Wolfgang Schäuble described it as a “priority project”, and one that he wants to see implemented “quickly”.
The euro, which looked to be on the way out six months ago, is doing better, and it now appears obvious that no one in Europe, and particularly not Berlin, wants to it to disappear. The countries of the eurozone also seem to have come to terms with the fact that they cannot continue to share the same currency without coordinating their economic policies.
With regard to recovery, it appears that Berlin, which has now realised that its interests are best served by European partners that are diligent, but not to the point where they are bled dry, has begun to soften its position on budgetary austerity — a change of tune which had already been heard in Brussels. No doubt, the pressure exerted by Paris, Madrid and the new Italian government had much to do with this development.
In short, we are still in the tunnel but there is a light ahead. And no, it is not the headlight of an oncoming train.

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