{"id":21272,"date":"2021-03-07T15:50:02","date_gmt":"2021-03-07T14:50:02","guid":{"rendered":"https:\/\/michelsanti.fr\/?p=21272"},"modified":"2021-03-07T15:50:02","modified_gmt":"2021-03-07T14:50:02","slug":"how-do-we-escape-europes-purgatory","status":"publish","type":"post","link":"https:\/\/michelsanti.fr\/en\/ecb\/how-do-we-escape-europes-purgatory","title":{"rendered":"How do we escape Europe\u2019s purgatory?"},"content":{"rendered":"<p><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" data-attachment-id=\"21268\" data-permalink=\"https:\/\/michelsanti.fr\/en\/ecb\/how-do-we-escape-europes-purgatory\/attachment\/purgatoire-2\" data-orig-file=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/03\/purgatoire.jpg?fit=1300%2C1152&amp;ssl=1\" data-orig-size=\"1300,1152\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"purgatoire\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/03\/purgatoire.jpg?fit=300%2C266&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/03\/purgatoire.jpg?fit=1024%2C907&amp;ssl=1\" class=\"alignnone size-medium wp-image-21268\" src=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/03\/purgatoire.jpg?resize=300%2C266&#038;ssl=1\" alt=\"\" width=\"300\" height=\"266\" srcset=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/03\/purgatoire.jpg?resize=300%2C266&amp;ssl=1 300w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/03\/purgatoire.jpg?resize=1024%2C907&amp;ssl=1 1024w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/03\/purgatoire.jpg?resize=768%2C681&amp;ssl=1 768w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/03\/purgatoire.jpg?resize=1200%2C1063&amp;ssl=1 1200w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/03\/purgatoire.jpg?w=1300&amp;ssl=1 1300w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>There are good reasons to fear the future of Europe \u2013 and to fear <em>for<\/em> the future of Europe \u2013 when a moderate and deeply pro-European figure like Cl\u00e9ment Beaune launches what is basically a petition in <a href=\"https:\/\/www.lesechos.fr\/monde\/europe\/clement-beaune-il-faut-saisir-lopportunite-historique-de-changer-les-regles-budgetaires-de-leurope-1295087\">Les Echos<\/a>, as he did on March 3<sup>rd<\/sup>. But let\u2019s be real, because the old timers who built Europe know very well that this \u201chistoric opportunity to change the budgetary rules of Europe\u201d that the Secretary of State for the European Union is calling for will evidently not be seized upon by the European authorities who have with a knife held to their throats suspended the infamous budgetary rules of the Stability Pact. And we should not be impressed by the fiscal and budgetary responses forced upon them last summer, counting for at the very most 5% of the Union\u2019s GDP, when the US, the UK, Australia and even New Zealand have put stimulus programmes for their economies in place in the way of 10 to 20% of their respective GDPs. The reality? It\u2019s what I\u2019ve been calling since 2009 throughout many books and articles the \u201coriginal sin\u201d of the euro, which has continued to paralyse our European governors, alas even in times of adversity. The 750 billion promised only corroborates this disheartening lukewarm approach of Europe\u2019s, and this demoralising negation of solidarity. The most pitiful thing \u2013 among others \u2013 is that this sum will be scattered over 6 years despite the EU having lost 15 GDP points during just 2020 alone! What good will 4 billion euros do, generously granted to Italy, over several hypothetical years, when this country saw itself impoverished by 170 billion in 2020?<!--more--><!--more--><\/p>\n<p>However, because of the pandemic, Europeans have noticed that Europe <em>can<\/em> grant this money, if it wants to. They have also understood that the European Central Bank \u2013 that has actively intervened \u2013 can indeed become a lender of last resort, like the US Federal Reserve or the Bank of Japan. And this is in contrast with what the hyper-orthodoxy wanted to make them believe when it squeezed the blood and tears out of nations it disdainfully labelled as spendthrifts at the height of the so-called \u201csovereign debt\u201d crisis that needed not to happen. The citizen\u2019s realisation of the imperfections of the European construction is alas not yet complete because a fundamental ingredient is still missing, given that nations that adopted the euro are still not benefiting from a so-called \u201csovereign\u201d currency. For us Europeans, it\u2019s like we opted to do everything in a foreign currency \u2013 a bit like certain countries that have \u201cdollarized\u201d, as we say \u2013 and the euro remains in some way like a foreign currency, a bit like if for example France had indexed the franc to it.<\/p>\n<p>Another basic fact is that a country with a monopoly on the creation of its own currency that is sovereign and freely convertible is never threatened with bankruptcy, especially if it is part of a European Union that has the world\u2019s highest GDP and therefore formidable strike power. The Union no longer has to fear the punitive expeditions of financial markets that cost already a heavy price for their isolation to some member states such as Italy, Spain and Ireland, which endured soaring costs for funding their public debt for not being supported by a central bank acting as a lender of last resort. May the European citizen confront this crucial question, because behind this technical debate hides a real choice for society.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; There are good reasons to fear the future of Europe \u2013 and to fear for the future of Europe \u2013 when a moderate and deeply pro-European figure like Cl\u00e9ment Beaune launches what is basically a petition in Les Echos, as he did on March 3rd. But let\u2019s be real, because the old timers who&hellip;<\/p>\n","protected":false},"author":4,"featured_media":21268,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"give_campaign_id":0,"_crdt_document":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"mc4wp_mailchimp_campaign":[],"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[648941266,648941264,648941294],"tags":[],"class_list":["post-21272","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ecb","category-european-union","category-neoliberalism"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How do we escape Europe\u2019s purgatory? - Michel Santi<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/michelsanti.fr\/en\/ecb\/how-do-we-escape-europes-purgatory\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How do we escape Europe\u2019s purgatory? - Michel Santi\" \/>\n<meta property=\"og:description\" content=\"&nbsp; There are good reasons to fear the future of Europe \u2013 and to fear for the future of Europe \u2013 when a moderate and deeply pro-European figure like Cl\u00e9ment Beaune launches what is basically a petition in Les Echos, as he did on March 3rd. 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This crisis is not only financial: it consecrates the failure of the European ultra-liberal model. The Founding Fathers of the ECB will focus all the\u2026","rel":"","context":"In &quot;Economic growth&quot;","block_context":{"text":"Economic growth","link":"https:\/\/michelsanti.fr\/en\/category\/economic-growth"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":25941,"url":"https:\/\/michelsanti.fr\/en\/europe-crisis\/is-europe-waging-war-against-its-citizens","url_meta":{"origin":21272,"position":1},"title":"Is Europe waging war against its citizens ?","author":"Michel Santi","date":"April 6, 2024","format":false,"excerpt":"4 years after the Great Recession of 2007-2009, the United States had recovered 4 million jobs. 4 years after the pandemic, they now recover 6 million jobs, thanks to the massive fiscal stimuli implemented by the Biden administration. Europe, for its part, as usual, stagnates, vegetates. Wait: unless it tries\u2026","rel":"","context":"In &quot;europe crisis&quot;","block_context":{"text":"europe crisis","link":"https:\/\/michelsanti.fr\/en\/category\/europe-crisis"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/04\/leyenmc.jpeg?fit=1200%2C900&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/04\/leyenmc.jpeg?fit=1200%2C900&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/04\/leyenmc.jpeg?fit=1200%2C900&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/04\/leyenmc.jpeg?fit=1200%2C900&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/04\/leyenmc.jpeg?fit=1200%2C900&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":24627,"url":"https:\/\/michelsanti.fr\/en\/european-union\/europe","url_meta":{"origin":21272,"position":2},"title":"Europe: a sleeping beauty","author":"Michel Santi","date":"April 24, 2023","format":false,"excerpt":"How not to be shocked by the near-economic disappearance of Europe? The \"acceleration of the European economy\" mentioned by Emmanuel Macron in China this April is a tale that no longer comforts or deceives anyone. Readers: your first electric car will most likely be Chinese, as China has now surpassed\u2026","rel":"","context":"In &quot;China&quot;","block_context":{"text":"China","link":"https:\/\/michelsanti.fr\/en\/category\/china"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/04\/europe.png?fit=1200%2C801&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/04\/europe.png?fit=1200%2C801&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/04\/europe.png?fit=1200%2C801&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/04\/europe.png?fit=1200%2C801&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/04\/europe.png?fit=1200%2C801&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":26339,"url":"https:\/\/michelsanti.fr\/en\/monetary-policy\/the-ecb-both-a-solution-and-a-problem-for-european-national-policies","url_meta":{"origin":21272,"position":3},"title":"The ECB: Both a Solution and a Problem for European National Policies","author":"Michel Santi","date":"June 24, 2024","format":false,"excerpt":"\u00a0 \u00a0 The European Union is repeating the same mistakes the United States made during the Great Depression of the 1920s and 1930s. Europe needs fiscal stimuli and budget deficits. Unemployment and the decline in purchasing power are not the result of \"budgetary indiscipline,\" but rather stem directly from weak\u2026","rel":"","context":"In &quot;ECB&quot;","block_context":{"text":"ECB","link":"https:\/\/michelsanti.fr\/en\/category\/ecb"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/06\/ecb-forum.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/06\/ecb-forum.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/06\/ecb-forum.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/06\/ecb-forum.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/06\/ecb-forum.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/06\/ecb-forum.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":13691,"url":"https:\/\/michelsanti.fr\/en\/germany\/the-european-social-nightmare","url_meta":{"origin":21272,"position":4},"title":"The European social nightmare","author":"Michel Santi","date":"March 8, 2016","format":false,"excerpt":"What European social model? Is there only one, when the Germans are more than ever obsessed with competitiveness and their trade surplus? In reality, Merkel and Schauble\u2019s only solution in order to compete with emerging and developing countries \u2013 and therefore to preserve Germany\u2019s market shares \u2013 consists of crushing\u2026","rel":"","context":"In &quot;Economic growth&quot;","block_context":{"text":"Economic growth","link":"https:\/\/michelsanti.fr\/en\/category\/economic-growth"},"img":{"alt_text":"aust\u00e9rit\u00e9","src":"https:\/\/i0.wp.com\/michelsanti.blog\/wp-content\/uploads\/2018\/10\/aust%C3%A9rit%C3%A9-285x300-285x300.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":25555,"url":"https:\/\/michelsanti.fr\/en\/european-union\/germany-holds-back-europe","url_meta":{"origin":21272,"position":5},"title":"Germany holds back Europe","author":"Michel Santi","date":"January 21, 2024","format":false,"excerpt":"The most serious economic mistake of Germany in the last 20 years. Celebrated at the time as a victory for fiscal and budgetary discipline, breaking away from the carelessness attributed to the vast majority of European Union members strongly encouraged to follow suit. Engraved in the marble of the Constitution.\u2026","rel":"","context":"In &quot;European Union&quot;","block_context":{"text":"European Union","link":"https:\/\/michelsanti.fr\/en\/category\/european-union"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/01\/OS.jpg?fit=1200%2C513&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/01\/OS.jpg?fit=1200%2C513&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/01\/OS.jpg?fit=1200%2C513&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/01\/OS.jpg?fit=1200%2C513&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/01\/OS.jpg?fit=1200%2C513&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/21272","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/comments?post=21272"}],"version-history":[{"count":1,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/21272\/revisions"}],"predecessor-version":[{"id":21273,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/21272\/revisions\/21273"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media\/21268"}],"wp:attachment":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media?parent=21272"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/categories?post=21272"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/tags?post=21272"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}