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It will be difficult to return to the failed fiscal pact after the crisis of the crown. The alternative, a kind of European “economic government,” is extremely unpopular. The post-crisis period will be quite bumpy for the euro.
“A stateless currency,” said the director of Italy’s central bank, Ignazio Visco, “may exist for a certain period of time. But then there is the need for a state or a budgetary union.” The “stateless currency” is the euro. And the opinion of the Italian ECB Council member is entirely in line with the current Italian Prime Minister Mario Draghi, who said in his first speech in the Italian Parliament that the support of his government also means the support of a European Union increasingly integrated, which ultimately becomes a part of reaching a common public budget.
The problem: for this form of fiscal integration with joint guarantee of the debts of national governments, as for the long-term objective of the United States of Europe, there is currently no democratic majority in any country of the Community. On the contrary: the trend is more towards renationalization.
