MD tvit 14.5.2017
Realen tekst, vreden branja. Tudi za slo-javno diskusijo. Ali imamo morda raje social-izem ali nacional-izem? https://www.project-syndicate.org/commentary/eurozone-reform-opportunity-by-herman-van-rompuy-et-al-2017-04
Project Syndicate April 6, 2017 (Excerpt by MD)
H.V.Rompuy, J.A.Emmanoulidis, F.Zuleeg
As a first step, policymakers will need to acknowledge that they still lack effective policy-coordination tools. Although the European Semester created a broad framework for coordination, it has failed to effectively improve competitiveness, growth, or employment across all EU countries. At the same time, investment remains too low throughout the eurozone, and especially in countries that need to stage the largest recoveries. The “Juncker Plan” for targeted EU-wide investments can be a part of the solution, but it will not be enough.
To be sure, these economic problems will require solutions at the national level; but they have also been perpetuated by common policymaking failures. For example, approved eurozone reforms have been implemented far too slowly; and additional structural reforms are not in the pipeline.
There is also significant policy divergence among EU member states, because some do not trust others to fulfill their individual obligations. One camp, led by Germany and the Netherlands, believes that national governments are obliged, first and foremost, to deliver on agreed reforms, while respecting commonly agreed rules. France and Southern European countries, by contrast, argue that governments need more flexibility to decide on fiscal and structural reforms, and that governments with greater fiscal leeway should help to address current imbalances by increasing their public expenditures.
Because national governments are politically accountable to their own citizens, they often lack incentive to increase cooperation at the EU level. This disconnect is now hampering further Economic and Monetary Union (EMU) reforms. Following up on its recent White Paper on the Future of Europe, the European Commission, for its part, intends to offer additional proposals for EMU reform in the first half of 2017. One hopes that it will furnish an ambitious agenda. It is clear that the eurozone will need far better coordination to ensure its long-term sustainability.
Second, the proposal should call for contractual reform-and-investment agreements (RIAs) between individual member states and the European Council, approved by national parliaments and based on country-specific recommendations that are agreed to as part of the European Semester. This initiative would acknowledge that boosting growth requires investment, but that funding should be conditioned on demonstrated action. RIAs would instill discipline alongside solidarity, by focusing on reforms yielding a high growth dividend that will benefit all eurozone countries.
Finally, fiscal capacity will be needed to underpin RIAs with eurozone countries that lack the budgetary space to spur growth on their own. The European Stability Mechanism could potentially provide such funds, starting with a limited amount and expanding the scope if the initiative is successful.
