The price of the euro: German money, France’s independence

In line with the newspaper’s pro-European position, today’s Süddeutsche Zeitungeditorial argues that eurobonds are the only option to “save Europe” and will necessarily require the creation of a European federation.

If the euro and the historic initiative to unite Europe are to be salvaged, the continents two strongest states will be forced to contribute their two greatest treasures: Germany will have to share its money, and France its sovereignty.

If the Germans do not “accept eurobonds, then the euro dies”, insists the daily. As for the French, they may consider that such a move amounts to a consecration of their European policy which first and foremost aimed to control German economic power. However, warns the newspaper —

... if Europe is to issue federal bonds like the United States, it will have to become a proper federation with a European minister of finance, a common parliament that controls the budget and a Commission president elected by universal suffrage who represents the unity of the continent. (...) If this is to happen, France will have to give up much more of its sovereignty. In any case, the quest for grandeur in the world of tomorrow is beyond the reach of nation states and can only be achieved by Europe.

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