Much has been said about Germany unilaterally deciding the future of Europe, comments Errera in this FT article. But France has a special responsibility in determining that German approach. It must do so before Ms Merkel turns her back on the continent.
The more relevant question is will Germany become increasingly tempted to look towards the wider world – Russia, China and other emerging markets? For now, that would not be in Germany’s interest: more than half of Germany’s trade is with eurozone countries. In the future, though, its best outcome is less clear. Germany’s main European partners – Britain, Italy and France – must realise the stakes and be imaginative and determined in their vision of Europe. The more they can offer new ideas, the more they are in a position to conduct a constructive dialogue with Germany on Europe’s future. The stronger their economies, the more they can challenge Germany’s rigid vision of Europe’s monetary and fiscal policy.
President François Hollande has made a welcome contribution to Europe’s recovery by insisting on the need to add a “growth pact” to the fiscal pact cherished by Ms Merkel. He is also right in criticising – implicitly – the German government for its approach to further integration. “The quickest to talk of political union are often those the most reticent to take urgent decisions”, Mr Hollande says.
He is implying that the entire fabric of the Franco-German relationship and their respective role in Europe needs to be reviewed and adapted to new continental realities. What he has not said yet is what France really wants for Europe in general and the Franco-German relationship in particular. So far, all we know is what France does not want. Presenting a more positive case means two things. Firstly, being clear, at last, about the level of sovereignty France is ready to share for the good of Europe. Secondly, undertaking the structural reforms and the economic policy France needs to prevent the competitiveness gap with Germany from widening.
© Financial Times
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