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We should not forget that a political issue was at the origin of this crisis, in addition to the financial, economic and social aspects. When the markets test to see whether the Member States are in fact prepared to do everything necessary to support a common currency, they are posing a political question. And in reality, the credibility of a currency ultimately depends on how solid the institutions behind it are. This is why it is not just the most enthusiastic Europeans, traditionally known as the federalist movement, who are calling for European political union. Today, European political union is essential if we want to maintain and consolidate economic and monetary union.
The when and how to advance to this point – the path towards political union – largely depends on the initiatives of the European institutions, but also essentially on the political will of Member States, governments, societies and citizens. In this respect, it is imperative that the current relative calm of the markets does not now become a reason for governments to reduce their commitment to further economic and monetary union.
Although Europe has followed a rather meandering path in recent years, marked by some hesitation and delays, the European Commission has always kept the bar high in terms of its ambitions. Now, more than ever, it is important that we should be European 'in all seasons' and not just fair-weather Europeans.
I am saying this because I often find, to my consternation, that many Europhiles, indeed many very sincere Europhiles, actually reinforce, without wanting to, a kind of Euroscepticism that prevails in many European circles. As if the negative pessimism of the Eurosceptics or those who spread Europhobia were not enough, those genuine Europeans are sometimes dejected and discouraged.
For any project to be successful, it needs a sufficient critical mass of support. I have therefore called on those who support the European Union from the left, from the right and from the centre, those who see themselves as part of this great project for peace and democracy, the European Union, to join forces to defend a project that deserves to be cherished, particularly when we hear, especially from the extremes of the political spectrum so much political discourse that is populist, negativist, and is exploring extremist nationalist tendencies which we know well as they have already done so much damage in Europe, including this part of Europe...
I know it is easier to propose simplistic solutions. A no is easier to say than a complicated, qualified yes. But if we really want to stand our ground and win the battle against crude populist messages we must have the courage – those of us who defend Europe at least – to explain clearly, using rational arguments, that the road ahead is hard but can lead to success...
The political debate in some European countries often gives the impression that the solutions proposed by the European institutions merely consist in fixing public finances. Nothing could be further from the truth. While it is true that dealing with the imbalances in public finances is a prerequisite for regaining confidence, the Commission has emphasised the need to combine structural reforms with investment. The bottom line is growth, hence the importance of instruments to promote investment.