Politica Internazionale

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venerdì 27 marzo 2020

Germany's responsibility for the future of Europe

For the European Union, the search for a strategy to tackle the emergency of the pandemic in a compact manner should be a necessity, both from the health point of view, which represents the immediate, and as regards the economic one, which is also immediate, but worries more about future aspects. After a first period, where European solidarity was absent, the increase in contagion that also occurred in the countries initially hardly affected, determined the need for supranational coordination for the development of an investment plan to stimulate growth economic. In this regard, the French idea in favor of creating a crisis management center should be seen as an interesting development to follow as soon as possible. However, the immediate need for liquidity has shifted attention to the question of the potential creation of European financial instruments intended to manage the crisis triggered by the pandemic. Although the number of applicants has expanded with the addition of countries normally critical of these instruments, such as Luxembourg, Ireland, Belgium and Slovenia, which have added to Italy, Spain, Portugal, France and Greece; the opposition from Germany and Holland, but also from Austria, constitutes a major obstacle for the adoption of these financial instruments and therefore raises a disturbing question about the future of the European Union. According to some analysts, the responsibility for the decision still remains with Germany, which exercises the role of majority shareholder within the Union. The traditional dislike of Berlin, which has always been against the use of financial instruments whose effects would affect all members, now faces two orders of problems. The first is of an economic nature: to impose a situation similar to that imposed in Athens would also compress German commercial capacity, ending up causing a negative impact on the German economy, which is already suffering; the second is even more relevant because it includes taking responsibility for the possible concrete failure of the European dream as such. This is because a financial instrument studied as a supranational medium opens up to a federalist perspective: what should be the natural conclusion of the European path. On the other hand, the failure of this solution, favored only by the national egoisms of the richest nations, would open up to a European dissolution, which could also go towards understanding the end of the monetary union, the only real glue present at the moment, which has favored so much , from an economic and financial point of view, the German country itself. Without privileged access to the richest market in the world, it would be difficult for German goods to contribute to maintaining Germany's level of growth, on this Berlin must reflect well: it is time to return something of what it has taken, since the time of unification German, to arrive at the current maintenance of its economic surplus.

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