COLUMN SYLVESTER EIJFFINGER
Full Professor in Financial Economics
Legendary European Leadership
Recently the Dutch Centraal Planbureau (CPB)
produced its economic forecast: the Dutch
economy will perform moderately and the
current economic recession will continue at
least until the second half of this year. That
news triggered renewed fear and anxiety
among consumers and citizens. Will I have
my job at the end of this year; can I pay off
my rent or mortgage? People experience this
kind of news, especially within the context of
ongoing crisis, as threatening. They want to
regain control of their own lives, and are thus
tempted to focus solely on their own world,
and succumb to feelings of nationalism. What
measures will create more growth and pros-
strengthen sovereignty at a European level. As
European dream? Nevertheless, openness and
perity in Europe, as well as, perhaps even more
such, powers have to be devolved further from
flexibility are key to returning to better times.
importantly, raise the question of life. After all, as
national authorities to the European govern-
Furthermore, a feeling of hope and of being
the Harvard Professor Ben Friedman put it dur-
ment. A transfer of sovereignty is needed and
part of a larger entity is needed, by which peo-
ing his Van Lanschot Lecture some years ago at
inescapable. A further deepening of European
ple will exceed their own interest. More than
Tilburg University, economic growth not only
integration is the only answer to the debt crisis.
ever the European Dream, combined with
brings material benefits, but provides demo-
In this fashion, Europe can regain its soul. In a
good leadership, is the answer to the current
cratic institutions and creates political stability
world of increasing regionalisation, the impera-
crisis. Who can inspire us to propagate this
and tolerance in society. It is a key condition
tive of maintaining and reinforcing European
ideal successfully?
for societal progress in the most literal physical
sovereignty is even more apparent. It is a clear
sense, but also the more abstract, Enlighten-
strong beacon signaling the route Europe must
Speaking of leadership and visionary people
ment-inspired, moral sense.
plot economically, financially and geopolitically.
there is one legendary politician famous for his
Why then does Europe not flourish? Because
Concrete measures can only truly acquire sig-
role in bringing Europe to unity: Jacques Delors.
many politicians are not truly Europeans and
nificance and inspire confidence if they are born
This French politician was president of the Euro-
lack a clear European vision of Europe moving
of an inspiring perspective. When you neglect
pean Commission from 1985 till 1995. Delors
forward. Though it should be conceded that
the value of Europe, you see only the danger of
started his career in a period of extreme Euro
many politicians are combatting the potential
that perspective. But when you see its value, you
pessimism. Under his leadership - neatly sum-
of a much worse European crisis. As Delors
want to protect it. That was what drove Delors
marized by the motto ‘one market, one money’
states, we do not just need firefighters, we need
and made him a passionate and ambitious rep-
- the one internal market was completed and
architects too, and these architects require an
resentative of Europe and its dream, a legendary
the foundations for the euro were laid. He suc-
awareness of shared interests. Furthermore, in
European leader. Who will be the new Delors?
ceeded in inspiring hope among Europeans and
Delors view, there are no architects left, and
breathing life into the European Commission
no visionaries either. The national heads of the
and exhorted the Europeans to a further eco-
government are too one-absorbed and too
nomic, monetary and political union.
preoccupied with their own interests. We need
With the one intern market and one currency
politicians willing to display some fortitude,
now completed, the question is how Europe
sangfroid, and political vision in the context of
can survive in a globalized world and how we
Europe, with a sense of conviction and commit-
can fulfill the promise of the EMU. The first step is
ment, both as individuals and as a group.
to realize a common fiscal compact. The second
Within Europe, the Netherlands was famous for
task is to create a structure for adaption which
its permissive society, but nowadays this is no
is needed because the exchange rates do not
longer the case. That is partly due to a lack of
exist anymore. The structure has to be created
this kind of European leadership. The leading
through wage and labor flexibility. This set of
Dutch politicians should ster a clear course and
Sylvester Eijffinger
in collaboration with Annemarie Hinten-Nooijen
"DBEFNJD'PSVN
Academic Forum
where science meets society and life
Expand your horizons, take the time to reflect
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