Today, it is as if Europe seemed entirely subject to the diktats of Germany, deciding what we can or cannot do for Greece, imposing austerity plans throughout Europe and even dictating to others constitutional reforms.
This situation is unacceptable. First, because we can only be irritated by the cowardice of the Chancellor of Germany, who constantly changes opinion, to the point that she very often does the opposite of what she announces. Second, because we can only regret the way in which Germany announces alone an anti speculation plan, very naive and totally inapplicable: German banks will continue to do in London what the Chancellor claims to forbid them in Frankfurt. Finally, because we have no lessons to learn from this country: in many aspects, Germany is doing far worse than its neighbors: for over a decade, its growth has been lower than that of France. Its deficit is still 5,5% of GDP. Its public debt is very high and threatens to reach 90% of GDP in 2014. Its population is declining to the point that France will soon have a larger population than its neighbor. Its industry is in a lower position than of France in many sectors of the future, it receives far less foreign investment than France, its health system is bad. And its low growth pays for the depression in which it seems to want to lead others into.
Moreover, the way Germany is seeking to impose to others austerity is contrary to its own interests: for example, by threatening other countries to push them out of the eurozone, in essence it’s most likely going to hurt itself: If Greece defaults, German banks could lose an amount equal to the capital of the Deutsche Bank and even four times more if it was Spain that was defaulting.
In fact, the German leadership can only be explained by the weakness of others: In politics as in physics, nature abhors a vacuum. If Germany takes unilateral positions against speculation, it is because Europe is unable to offer one. If it gives us the impression to impose a budgetary discipline it is because our leaders are unable to explain clearly that the balance of public finances is not an ukase from Germany, or the markets, but a strategic necessity in the interest of future generations, in the interest of our children.
German arrogance is a mirror of our inability to propose a European strategy, made of national balance and economic revival. To France to regain the initiative the Commission seems unable to take. To France to offer a big continental revival plan, with the introduction of a borrowing capacity for the Union, in exchange for a very strong action to restore the balance of each of the national budgets.
To France to ensure that the crisis of public finances does not lead to a crisis of democracy in Europe.