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Sir,
Politicians must think positively. When facing a
weekend election politicians must be doubly positive. So while there is truth
in Wolfgang Schäuble’s assertion “Ignore the doom-mongers – Europe is being
fixed” (Comment, September 17) the truth does not go far enough.
What matters is not whether Europe is being fixed. Time
will fix anything if you can afford it. The question is whether the speed at
which Europe is being fixed is something that countries in distress can bear
for long enough to stay the course till redemption, or whether democratic systems
under stress in deficit countries will abort the process before completion.
Under extreme pain of austerity without growth, electorates may turn to extreme
populists that offer easy solutions. This almost happened in Italy just last
February.
The comparison that the German minister makes between
Europe and his own country’s experience since 2003 is comparing apples with
pears.
Germany was endowed with the strong legacy of an
export-oriented industrial base, which could produce exports as the country regained
competitiveness through socially-fair burden-sharing adjustment. It had the
benefit of strong demand from the current crisis-stricken EU countries as it
turned a self-serving blind eye to their breaking of the single currency
monetary rules. On the contrary, the crisis-stricken EU countries are today
facing a global recession in which even countries that, like Germany, can
afford to loosen up to stimulate consumption, insist on the false virtues of
balanced budgets.
Next week, Mr Schäuble may have to work harder to match
his pre-election positive outbursts. With the next elections far over the
horizon he may finally accept that surplus countries have to do their part to
restore internal equilibrium within the EU and in a timely manner that protects
the solidarity that Europe stands for.
Alfred Mifsud,
Balzan, Malta
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