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Rarely has an election resonated so widelyacross the European Union as the French presidential ballot has done. Rarelyhas a leadership change in one EU member state created expectations of a realpolicy shift.
Illustration by Paul Lachine
Remarkably, a new European demos and public sphere are emergingfrom the economic crisis. Europeans are recognizing how interdependent theyare. One country’s failures can threaten the entire European economy, and cancall into question the fruits of 60 years of integration. Peace, solidarity,and prosperity are not irreversibleachievements; only 27 countries working together can guarantee them.
François Hollande’s victory is a fresh chance for Europe.It should spell the end of a policy orientedexclusively towards austerity, which has paralyzedour economies and divided the EU. The new French president’s commitment toa European growth policy has brought hope to citizens, and should not alarmanyone – certainly not the financial markets.
Hollande’s plans for a growth initiative fallon fertile ground, especially in the European Parliament, which hasrepeatedly called for such measures. I am delighted that this message isincreasingly echoed by the political mainstream, including most recently byEuropean Central Bank President Mario Draghi. Likewise, the European Commissionis working on a “growth pact” to be discussed by EU leaders in June. Indeed, Europe needs a master plan to avoid a tailspin of recession, growing unemployment, andweakening banking systems.
A new master plan for growth would not be about printing money. Fiscaldiscipline remains essential, as are deep structural reforms. The growth pactcan be properly financed by new sources of revenue, such as afinancial-transaction tax and joint project bonds for infrastructureinvestment, or by curbing tax evasion and tax fraud and eliminating tax havens, as well as by more efficient andintelligent use of structural funds.
What is to be done? First, targeted investmentshould be given priority. The European Investment Bank would be a goodvehicle – in addition to new project bonds – to boost spending on majorinfrastructure projects (for example, in the energy sector). The EIB could begiven significantly more resources to boost its loan programs. In thelonger-term, we should revisit the idea of joint Eurobonds.
Channeling EU structural funds towards innovation isessential, given that spending on researchand development is alarmingly low compared to our global partners. Fundamentalreform of the Common Agricultural Policy should not remain a taboo. Indeed, the CAP is ensuring neithersustainable agriculture nor decent incomes for all farmers. Undoubtedly, toughnegotiations lie ahead on this front, including with Hollande.
Second, young people must be a top priority. Our responsibility here is twofold: to put growth backon track, but also to respond immediately to the human tragedy that has hit ouryouth. The eurozone’s unemployment rate, at 10.9%, is at its highest levelsince the euro was introduced, and young people everywhere, as the first to sufferthe consequences of the crisis, are paying a disproportionally high price.Youth unemployment in Spain,for example, is above 50%.
We cannot afford to sacrifice a generation, or, rather, risk creating alost generation that could destroy Europe’ssocial fabric and stability. We need an immediatecontingency plan: invest to finance job training, improve educationalopportunities, and, crucially, create incentives for employers to hire youngpeople.
The ECB has been offering long-term loans to banks at a favorable rate.This money should be loaned out to small and medium-size enterprises, which arethe lifeblood of Europe’seconomy. The EU also needs common initiatives to replace piece-meal bilateralagreements on tax evasion and tax havens, which undermine the goal of a fairsociety.
Third, member states should not cut the EU budgetindiscriminately during negotiations on the Union'slong-term spending plan for 2014-2020. If we areserious about a master plan for growth, we need to provide the necessary means.The EU budget is an investment vehicle that boosts economic growth and createsjobs. It finances crucial pan-EU transport and energy links. It helps to fosterinnovation and boost research and development. The EU budget leverages investment, allows for economies ofscale, and cannot run a deficit.
The EU’s lack of solidarity, imagination, courage, unity, and vision inrecent years has made Europe a symbol ofdivision for some, if not many. We cannot let this continue. Hollande’selection offers us a valuable opportunity to meet the challenges that the EUfaces. Alternatively, we can allow growing poverty, fear, and anger to giverise to xenophobia and racism, and thus place at risk the EU’s greatestaccomplishments.
But let us be optimistic. It is not too late. Europecan still emerge stronger from its current economic woes. The EU ischanging direction at last, and Europe’sleaders will find an energetic partner in the European Parliament.
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