Veröffentlicht: 04 December 2016 Sunday, 02:07 AM
PARIS - Since July 2012, when Mario Draghi , the president of the European Central Bank, promised to do everything, "what is necessary" to save the single currency, European leaders have scarcely bothered about the future of the euro zone. For more than four years, they have largely left the stability and integrity of the Eurozone to the central banks. But even if the ECB has done a good job, this convenient arrangement has now come to an end because no central bank can solve political or constitutional problems. The European leaders would do well to start over and rethink the possibilities for Europe`s future rather than leave the decision to the circumstances.
Until now, the European politicians had little desire for such a discussion. In June 2015, when they presented a report of the presidents of various European institutions on the future of the euro, they only gave lip professions. A few weeks later, when the politicians spent a long night at the end of July discussing whether Greece should leave the Eurozone, the issue came back to the agenda. But the consensus on continuing and tackling the basic problems was short-lived. Finally, the plans to answer the Brexit shock with a strengthening of the Eurozone were soon rejected - fearing possible reforms could lead to divisions.
However, the problem still exists. Although the market tensions could be alleviated by the ECB`s monetary policy anesthesia, the nervousness has returned to the Italian Constitutional Treaty of December 4. At the end of November, spreads between Italian and German ten-year government bonds reached 200 basis points, which has not been the case since 2014.
Jean Pisani-Ferry is a professor at the Hertie School of Governance in Berlin, and currently serves as Commissioner-General of France Stratégie, a policy advisory institution in Paris.