One-minute speech in plenary in Strasbourg on Monday 12 January 2015
THE EURO PROJECT: TOO BIG TO FAIL
In recent years we have built a strong security structure for the euro zone.
It is operating through a battery of instruments designed to monitor the economic and financial strengths of member states and to keep their economic and financial results within desired parameters. This has given the impression that things are under better control.
Why is it then that a development that supposedly is of relatively low importance to the zone, like the Greek election, gives rise to great concern?
The euro project is a political one. Precisely for this reason, it has become too important to be allowed to fail.
This remains its main strength. And its main weakness.
The project has been built on the basis of the enormous soft power that the European Union enjoys.
But right from the start the euro zone was not an optimal monetary zone; it did not possess the federal structures necessary to keep it solid. Over the years, economic divergences inside it increased. The use of a technical positivism to control the situation is turning into an exercise of political fetishism which could undermine the union’s soft power.
Many of the euro zone’s guidelines depend on outdated premises. They have to be renewed politically, not technically.
Maltese Version
L-EWRO: PROĠETT KBIR WISQ BIEX IFALLI?
Fl-aħħar snin bnejna struttura qawwija ta’ ħarsien għaz-zona ewro.
Hi qed titħaddem per mezz ta’ batterija sħiħa ta’ għodod maħsuba biex ikejlu s-saħħa ekonomika u finanzjarja tal-pajjizi membri u jzommu r-rizultati ekonomiċi u finanzjarji tagħhom fil-parametri mixtieqa.
Dan jagħti l-impressjoni li qed nikkontrollaw is-sitwazzjoni aħjar.
Għaliex mela zvilupp li suppost jitqies bħala relattivament ċkejken għaz-zona, bħall-elezzjoni fil-Greċja, jqajjem inkwiet kbir?
Il-proġett tal-ewro hu wieħed politiku. Appuntu għalhekk, sar importanti wisq biex jitħalla jfalli.
Din tibqa’ l-aqwa saħħa tiegħu. U l-aqwa dgħufija.
Il-proġett inbena fuq il-bazi tas-“soft power” enormi li tgawdi minnu l-Unjoni Ewropea.
Imma mill-bidu nett, iz-zona ewro ma kinitx zona monetarja ottimali. Ma kellhiex l-istrutturi federali meħtieġa biex izommuha soda. Id-diverġenzi ekonomiċi fi ħdanha zdiedu mas-snin.
It-tħaddim ta’ pozitivizmu tekniku biex nikkontrollaw is-sitwazzjoni qed jispiċċa ezerċizzju ta’ fetixizmu politiku li jherri l-istess “soft power” tal-Unjoni.
Ħafna mill-linji ta’ gwida taz-zona ewro jitilqu minn premessi li għadda zmienhom.
Huma jridu jiġġeddu b’mot politiku mhux tekniku.
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