Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 33 n° 244

L’Allemagne et la stabilité de l’UEM/Deutschland und die Stabilität der WWU/Germany and the stability of the EMU

Posted by fidest press agency su sabato, 30 gennaio 2016

Institut Jacques DelorsDans quelle mesure la politique européenne de l’Allemagne a-t-elle contribué à la stabilisation de l’euro? Dans leur Policy paper, Henrik Enderlein, Katharina Gnath et Jörg Haas, respectivement directeur et chercheurs dans notre bureau en Allemagne, le Jacques Delors Institut – Berlin, montrent comment le concept allemand de “communauté de stabilité” a façonné la monnaie commune. Ils estiment que s’il était initialement entendu au sens strict, le concept s’est progressivement élargi. Ils mentionnent également les domaines dans lesquels l’union monétaire reste inachevée.
Inwieweit hat die deutsche Europapolitik zur Stabilisierung des Euro beigetragen? Henrik Enderlein, Katharina Gnath und Jörg Haas zeichnen in ihrem Policy Paper nach, wie das deutsche Konzept der “Stabilitätsgemeinschaft” die Gemeinschaftswährung geprägt hat. Sie argumentieren, dass sich der anfangs eng gefasste Stabilitätsbegriff mit der Zeit erweitert hat und zeigen auf, wo die Währungsunion weiterhin Lücken aufweist.
Germany has played an important part in designing the architecture of the euro and has been a decisive actor in recent efforts to repair the eurozone. How has Germany’s concept of a “stability community” shaped EU policy and to what extent has it been successful in stabilizing the common currency? In the euro’s founding phase, German demands concentrated on low inflation rates and low levels of government debt. Yet it became apparent in the crisis that Germany’s idea of stability was narrowly defined. Apart from a lack of budgetary discipline, key destabilizing factors included current account imbalances, a lack of crisis management tools, and the self-reinforcing dynamics between weakened banks and over-indebted states – all of which had all been largely ignored prior to the crisis.
Over the course of the crisis, the German government has broadly adhered to its traditional concept of stability based on control and supervision of eurozone members. At the same time Germany has repeatedly acted in a pragmatic manner to safeguard the existence of the eurozone. It was willing to lend support to the creation of the European Stability Mechanism and the Banking Union and countenanced the ECB’s extraordinary measures. Despite the reform efforts of the past years, the eurozone still has some serious design faults that threaten the very stability of the common currency. Yet member states disagree on the necessary parameters for a stable currency union and differences in perceptions and preferences have met head-on in the course of the recent reform debates. German policy on Europe should try to play a constructive role by spelling out under which circumstances increased risk sharing in the euro area would be acceptable. (Photo: )


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