The six and two pack arrangements are meant to ensure that Eurozone guidelines are being observed,
They provide a calibrated and measured approach by which to assess economic and financial outcomes.
However there is no unified central directing function within the Eurozone project.
One must query whether the assurance that we have (about the respect of guidelines) is sufficiently robust.
For as of now, at the heart of the project, political factors still predominate. They relate to the huge political capital that has been expended on the project. They follow from the multilateral give and take between major actors that are responding to varying and non-convergent national interests.
The positivist superstructure of benchmarks, scorecards and what have you that has been grafted on the project, serves to screen this reality. Perhaps too it is only dealing with the symptoms rather than with the real causes that power the euro project.
Changing the operations of the Eurozone to make them more transparent would, given the existing profile of the zone, require a sharp move towards a political federal structure, a move which appears to be quite difficult.
So, as the six-pack, two-pack and other instruments are applied, a very simple question arises: do the mechanisms being deployed, at all levels, to different national economies, respond to the overall interests of survival and growth of the eurozone as a whole, or do they reflect the national interest of each member state?
It is not possible to provide an unambiguous reply to such a question.
This impossibility reflects a deep and systemic flaw in the purpose and design of current mechanisms, developed as they have been on a trial and error method through diplomatic bargaining.
As such, I very much fear that economic governance of the Eurozone will remain an inherently unstable business.
Maltese Version
L-arranġamenti tas-six u tat-two pack huma mfassla biex jizguraw Ii l-linji direttivi taz-zona ewro qed jiġu rispettati.
Huma jipprovdu metodu meqjus bil-kejl tiegħu biex inkunu nistgħu ngħarblu r-rizultati finanzjarji u ekonomiċi miksuba.
Madankollu l-proġett tal-ewro ghad jonqsu funzjoni direttiva li hi waħdanija, magħquda u ċentrali.
Ikollna għalhekk nistaqsu dwar kemm l-assigurazzjoni li qed niġu mogħtija tista’ tkun bizzejjed soda.
Għax sal-lum, fil-qalba tal-proġett tal-ewro, għadhom jippredominaw fatturi politiċi, mhux ekonomiċi. Dawn joħorġu mill-kapital politiku enormi li ntefaq biex jinbena l-proġett.
Huma fatturi li jiddependu wkoll mill-battibekki multilaterali li jseħħu bejn il-parteċipanti ewlenin fil-proġett huma u jirreaġixxu għal interessi nazzjonali varji li jkunu mbiegħda minn xulxin.
Is-superstruttura pozitivista li ddaħħlet fil-proġett…. ta’ “benchmarks”, “scorecards” u ma nafx xiex aktar… qed isservi biex tgħatti dir-realtà.
Forsi wkoll, qed taffaċċja s-sintomi u mhux il-kawzi veri li jispjegaw kif topera s-sistema tal-ewro.
Biex dan l-operat jinbidel u jsir trasparenti, fil-profil atwali taz-zona, trid isseħħ ċaqliqa qawwija lejn struttura politika federali, ħaġa li tidher politikament diffiċli ħafna.
Għalhekk, waqt li jkunu qed jitħaddmu is-six pack u t-two pack u l-għodod l-oħra, se tibqa’ tqum mistoqsija sempliċi ħafna: dawn il-mekkanizmi li fil-livelli kollha qed jiġu applikati lil ekonomiji nazzjonali differenti, qed jirrispondu għall-interessi ta’ għajxien u ta’ tkabbir taz-zona ewro kollha kemm hi? Jew qed jirreflettu aktar l-interess nazzjonali ta’ kull stat membru?
Mhux possibbli li twieġeb għal din il-mistoqsija bla ambigwità.
Din l-impossibiltà tirrefletti difett profond u sistemiku fil-għanijiet tal-mekkanizmi kurrenti ta’ sorvelja u kontroll, kif ukoll fil-fasla tagħhom, wara li ġew zviluppati skont proċess ta’ negozjati diplomatiċi.
Minħabba f’hekk wisq nibza’ li l-governanza ekonomika taz-zona ewro se tibqa’ għal li ġej, materja li minnha nfiha se tkun instabbli.
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