Many European countries are currently being faced with domestic and foreign debt crisis. The history of the twentieth century has taught us that there are only eight ways to get out of such crises: increasing the tax base, cutting expenditures, lowering interest rates, creating hyperinflation, rescheduling debt, securing foreign aid, demanding a moratorium, achieving rapid economic growth – or waging a war.
In an interview with “Le Nouvel Observateur” magazine, Jacques Attali declares that every effort must be made to work our way out of the crisis by economic growth; but is there enough unity and, more importantly, enough solidarity within the United States of Europe to achieve such goal?
In an age of deep-going economic globalization, a Europe divided between the budgetary stringency of the North and the debt and deficit muddle of the South is not only a hotbed of instability but may also become the breeding ground for nationalist sentiment and action.
Solidarity within 21st-century Europe should by no means be understood as a new form of socialism where Northern savings should offset Southern prodigality so as to balance the 27 national budgets.
Forcing Germanic stringency into PIGS’ bookkeeping is as utopian as turning a hyperactive child into a mime. Solidarity should not be mistaken for egalitarianism. European people are not equally diligent and enterprising therefore they cannot all share the same standard of living. European unification had the new entrants mistake wishes for actual needs. We have an undeniable right to dream and set goals but also an unfailing duty to discern dreams from reality.
If we don’t want Mrs. Merkel to turn from Madame Europe into Frau Deutschland we need to undividedly agree that national sovereignty does not necessarily imply national budget sovereignty. We would make a good sta
