The financial crisis has hit the extreme virulence of the vital structures of the international economic system, exposing the world to unexpected scenarios . Member United, the leading world economic power and the main financial center of the world, has faltered, leaving on the table some of the most important American Merchant Bank, the heart of the international financial system.
The gravity of the situation demanded exceptional measures, a series of direct state intervention in support of the banking and insurance in the country, in addition to massive welfare to support those who, in these turbulent months, he lost his job in United States. Moreover, it has come even to discuss, at the international level, the opportunity to review the agreements to support the Bretton Woods international monetary and economic situation, calling on the table the negotiations were not only members of the G8 economic powers, but the new bordering the proscenium of the twenty-first century. Due to all, China and India.
This is proof that the crisis would slow down the securities that, until now, have supported the economic system and which require effective responses and shared not only by the United States, but also by other international actors to asking you to share responsibility for the management of the difficult international situation.
And Europe? As usual, the states, after the initial shock, continued to proceed in any order, rejecting even the faint and sometimes unrealistic proposals raised by the unitary President of the EU. G4 failed, abandoned the proposal to create a European Economic Government, put forward by President Sarkozy, and the proposal to establish one or more European sovereign wealth funds (for legal and institutional limits) Member States have found themselves in a position to act without substantial coordination. The economic and financial support has come with the direct participation of states in the ownership of banks and insurance companies and, where possible, with investments in infrastructure and elsewhere, as in the United Kingdom, it has acted with actual nationalizations. In all cases, we are faced with choices, public policies are unable to solve the crisis resolved international financial instruments unsuitable for the purpose that induce member states to reconsider even the constraints laid down in Maastricht. It pays, therefore, the price of lost institutional reforms (necessary after enlargement), but also the lack of a political project that has the capacity to give new impetus to the process of European integration.
Nevertheless, the political and social consequences are borne by all nation states and yet to be quantified, not only from an economic standpoint.
addition, initiatives to support banking and insurance are made dependent on the public debt of the States. These measures create obvious imbalances, since the ability spending is conditioned by the parameters of the Stability Pact (at the base of the single currency) make crises in weaker states, which, even after an excessive deficit, can not bear the burden of implementing social protection policies and investment in support of the economic system. The more you go forward and we understand how the EU system as a whole, whether because of overt institutional limits, both for the clear difficulties in negotiating the framework of twenty-seven, is unable to act, leaving the field open to member states who decide based on the particular interest, not only cripple the spirit of cooperation, the Community institutions themselves, but also the institutional and political gains of recent decades. This is perhaps one of the most dramatic moments in which Europe and the world are from the end of the Cold War.
Need a new impetus to complete European integration, also seeking alternative routes to the current framework. Where it was possible to carry all twenty-seven, in accordance with the theory that provides multiple levels of integration, a group of states, as it was for the single currency could be taken to take more responsibility, going towards the Federation, to a real and effective and federal political integration of Europe, from foreign policy and security and a common economic government. Perhaps the only way we can revitalize the European project, returning to a sense of Schumann Declaration and the intentions of the founding fathers of united Europe.
Carlo Maria Palermo
0 comments:
Post a Comment