The European economy is struggling and the people of the European continent are suffering. But, with a gradual easing in the Euro crisis since the summer of 2012, it would seem the worst of it is behind us. And yet, despite solid political support and robust institutions, the Euro is still aggravating the imbalance between northern and southern countries, compromising its own long-term survival. The very terms of its rescue package accentuate the differences between member states, fostering populism and withdrawal, and reinforcing a rejection of a European dream that’s lurching towards nightmare. The security, prosperity and democratic values promised by the new Europe that emerged after the Second World War are now compromised, throwing into question the very existence of the European Union.
On the other hand, the end of the Union would be catastrophic and should be avoided at all cost for want of any acceptable alternative. But in order to achieve this, we need to take a few steps back the better to leap forward: surely in this newfound period of calm the time has come to throw a veil over the premature launch of the Euro? Taking that as a starting point, can’t we use a healthy democratic base from which to renew discussions about political and economic integration with the European Union, and only at the end of this process reintroduce a single currency on a more sustainable basis?
François Heisbourg is a special advisor to the Foundation for Strategic Research, and is chairman of the International Institute for Strategic Studies in London. He recently published Vainqueurs et vaincus, lendemains de crise (Stock), and Espionnage et renseignement. Le vrai dossier (Odile Jacob).
Pourtant, la fin de l’Union européenne serait une catastrophe qui doit être évitée, faute d’alternatives acceptables. Mais pour ce faire, il va falloir reculer pour mieux sauter : en profitant de l’actuelle accalmie, le temps n’est-il pas venu de mettre entre parenthèses l’aventure malheureuse qu’a été le lancement prématuré de l’euro ? Partant de là, ne pourrait-on relancer à partir d’une structure démocratique saine le débat sur l’intégration politique et économique de l’Union européenne, processus au terme duquel la monnaie unique serait rétablie sur des bases durables ?