5 years of EU budget paid by 27 Member States

At the bedside of the euro, the European army is still dispersed. Regularly gathered in Brussels for a year, the heads of State and finance ministers lead a long arm of iron against the financial markets. Since the Greek crisis of spring 2010, not a European Summit was devoted to another subject. At the time of his appointment, in January 2010, the President of the European Council, Herman Van Rompuy, was imagined to make thematic summits to improve little by little the links of the heads of State on various aspects of the common policy. The debt crisis, which struck the eurozone over the past year, has swept this agenda. Initially devoted to the energy and innovation, the Summit on 4 February finally was dominated by a long conversation on the "competitiveness Pact" that wish to implement the Germany and the France. As summarized by Herman Van Rompuy, "a common currency means that we should do more together" and it is this "more" it is now. If Governments can set it before the end of March, as they promise, then have a chance to turn the page of the battle for the euro

The coming weeks are decisive. Herman Van Rompuy first task: convince the States who think that what has already been decided is sufficient. In the wake of the Greek storm, last spring, Europeans were thrown a lifeboat to the sea with the creation of the Fund of financial stability and reflected on how to strengthen the discipline between them to avoid surprises "in Greek. In October, "task force" by Herman Van Rompuy has led thus to legislative proposals of the European Commission to make more effective monitoring of economies and finances of the countries of the euro area. Beyond the budget deficit, the focus must be on debt and new macroeconomic indicators. For many countries, the history should have ended there.

Except that barely obtained agreement, the Irish crisis arrived, boosting the distrust of investors on the ability of repayment of the most fragile States. In November, euro-zone countries launch a rescue package of EUR 85 billion, which allows to check that relief fund works well, but that, ironically, also revealed the fragilities. To get the best rates with an AAA note, the financial capacity of the Fund is lower than promise about 250 billion 440 billion. In addition, the use of the Fund, as a last resort, is expensive to the helped countries-l' Ireland borrows from more than 6, then a preventive action might have been as effective and less costly.

The Irish crisis at the last Council of February, the conclusion must be so little by little: the Fund should be strengthened and its extended mission. In other words, solidarity to defend the euro will cost more than expected. Decision-making difficult consciousness, which explains the still conflicting statements of the gathered Finance Ministers on 14 and 15 February in Brussels.

A draft anti-crisis fund, defined for three years, must be addressed not only permanent but also more ambitious device. At a time of austerity, the issue is size, as it is for the Member States of the euro area 17 burn in stone a tool of solidarity of some 500 billion euros, equivalent to 3.5 years of EU budget paid by 27 Member States. We understand therefore why the Germany but also the France, the two largest economies of the area, claimed to support a new prize: the "Covenant of competitiveness". "More money, more governance", summarizes a player of the game.

It is the President of the Council, Herman Van Rompuy, it now is to find a consensus among Member States on this new effort of governance. To the Exchequer of the 27 Member States, no false manoeuvre does him will be permitted. He must work around four pitfalls: spare the sensibilities of left and right, reassure the small country to the "Franco-German diktat", as well as non-members of the euro area countries worried that the 17 eurozone recreate a two-speed Europe, and finally to calm the concerns of the European Commission and the European Parliament, always quick to denounce extus agreementsi.e. arrangements between States, not submitted to the European legislative body.

Because that claim Berlin and Paris through their "Pact for competitiveness" disrupt the Community method, which coordinates policies in setting targets to meet, without so dictate to the States how to achieve. This time, the two big countries of the eurozone seek not only to define common goals, with paths established for the reduction of budget deficits and public debt accompanied by punishment for poor students, but also structural measures. Hence the protests of concerned Governments in their national sovereignty. In addition, both States claim wages in areas outside the direct scope of skills of the European Commission: pay, tax policy, pension plans, national legislation on maximum debt... The goal To tackle the root of which deepened the differences in competitiveness between different Member countries of the euro over the past ten years: the wage indexation, weight increasing pension plans, differing taxation. The battle of the euro enters a decisive phase: will there be the political will to align with the best current student of growth, the Germany or not Under the threatening financial markets and attentive eye, the choice is forced.