Ao contrário do que anda por aí a ser sugerido, Merkel não defende qualquer tipo de governo económico, apenas um Pacto de Estabilidade ainda mais radical (e insensato) que o original. Como diz Wolfgang Munchau no seu último artigo:
Contrary to what is being reported, Ms Merkel is not proposing a fiscal union. She is proposing an austerity club, a stability pact on steroids. The goal is to enforce life-long austerity, with balanced budget rules enshrined in every national constitution. She also proposes automatic sanctions with a judicially administered regime of compliance. She rejects eurobonds on the grounds that they reduce pressure on fiscal discipline.
Merkel propõe isto porque não está disponível para reconhecer que a actual crise do euro não se deve a despesismo público nem a qualquer violação do Pacto de Estabilidade. Se, como tudo leva a crer, a cimeira europeia de dia 9 insistir nesta narrativa, então não podemos esperar que esta solucione o que quer que seja. Mais uma vez citando Munchau:
As of today, I find it hard to see how the European Council is going to deliver such a package. The debate in Brussels is about how to reconcile Austerität and souverainisme. What is needed is not to reconcile these propositions, but to reject them.
High quality global journalism requires investment. Andrew Duff, a member of the European Parliament, last week provided a very useful guide to the distance the eurozone is from where it would have to be if it were a proper fiscal union. He drew up a list of all the changes in the European Treaties that would need to be amended to achieve that. It includes changes to 23 articles and five protocols. This is the stuff the European Council should discuss, not another silly stability pact.
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European leaders understand the technical, and legal issues well. I am also certain that most understand that the eurozone faces an existential threat. But I doubt they have ever understood the economic and financial dynamics behind the crisis. Their narrative, which reduces the crisis to a failure of fiscal discipline, is probably the underlying reason why all their crisis resolution efforts have failed so far.
