The French German Business Forum offered us today two excellent surprises in Berlin, we had the interventions from both Bruno Le Maire and Pierre Moscovici.
Bruno Le Maire went apparently to Berlin at the request of Emmanuel Macron in order to meet the main protagonists of the discussion on the Jamaica coalition. The excellent idea was to meet them, and make sure the French ideas on the reforms of the Eurozone are well understood, before the four parties involved reach and seal an agreement.
I don’t know if the performance of Bruno Le Maire at this forum was his very last rehearsal before meeting Christian Lindner, but if he delivered his message to Lindner the same way he delivered it to us, he did really a great job and the best we can do on this topic.
In fact the opposition of Lindner to the main aspects of the reforms suggested by Emmanuel Macron for the Eurozone very much contributes to help France to improve the presentation of its ideas. And if I was quite disappointed on the part of the speech of the Sorbonne dedicated to the Eurozone reforms, I very much appreciated the way Bruno Le Maire presented them this morning.
First it did not come out of the blue, but was extremely well introduced after kind remarks on Germany but also clever remarks on the challenging context we face (technologic revolution, re-emergence of the Nations-Powers, inequality) and on the necessity to shape a true European Power.
Bruno Lemaire draws four steps for the reforms of the Eurozone:
- the completion of the Banking Union, the creation of a Capital Market Union, the convergence of the bankruptcy laws, and the convergence of the taxes in the Eurozone
- the reform of the European Stability Mecanism,
- the creation of some real budget capacities for the Eurozone in order to invest and to protect against economical shocks
- last, and as an outcome and not as an entry point of the reforms, the creation of Minister of the Eurozone.
We would have to go progressively through all this different stages, step by step, and need a method and an agenda for doing so.
An excellent speech, and which was extremely well received, not only by the French people attending the forum.
Pierre Moscovici made a good performance as well, underlining that Europe needs the three pillars Paris, Berlin Brussels in order to advance. He told us also that the three main aspects of the reforms proposed by France for the Eurozone (budget, parliament and Finance Minister) will be present in the paper to be produced by the Commission. And I was very happy to hear Mr Moscovici answering me that indeed the Commission will propose that this eurozone budget will be financed by own resources and not by new contributions of the Member States.
Well, sincere congratulation to France and to its Commissaire, the game is far from being won, but everything is done so far by France in order to really succeed in re-founding Europe and the Euro-zone.
All the Europeans should accompany this great moment. #WeAreEurope