June 3, 2012
Cura te ipsum (“Take care of your own self!”) is a latin injunction, urging physicians to care for and heal themselves.
Europe is undermined by the financial speculation, the Greek crisis and the banking turmoil in Spain.
More particularly, Europe is contaminated with a virus coming from its political elites: the political indolence of its leaders who have no clear vision of future. They are “light” leaders unable to deal with the hard times we are experiencing. However, if Greece defaults, the Eurozone will lose hundreds of billions and Italy between 40 and 50 billion euros.
Faced with this risks, more and more European stake-holders are calling for a change and more boldness.
The European Parliament is calling for a serious strategy to save Greece, for introducing eurobonds, project bonds and a Financial transaction Tax. A bold growth oriented strategy should also be implemented according to the EP.
Mario Draghi’s support to Europe has been translated into practice through the two Long Term Refinancing Operations which have lent nearly 1 trillion euros to the EU banks for three years and through the broadening of the collateral base to include lower-quality assets.
These two institutions are doing their best to save Europe and give us hope.
For the ECB it is now time to put forward a 7-10 years Long Term Refinancing Operations design to fuel the economic recovery.
The European Parliament should put pressure on national governments in order to push the next European council to give clear and concrete answers to tackle the crisis.Author : Gianni PITTELLA MEP