COLUMN SYLVESTER EIJFFINGER
Full Professor in Financial Economics
The Sound of Spring
Our society is a society of winners. A winner
reforms to realize and consolidate the tax- and
work towards common goals and they follow
is the hero, a loser a victim. And perfection is
thereby the political integration within Europe.
the same rules and values. The unity in variety is
the norm nowadays. Every day we are faced
It will take four of five years before Europe will
just the power of Europe.
with images of perfection: the TV shows us
have overcome the euro misery. The reinforce-
To conclude, like the sea moves back to uncov-
perfect bodies, perfect carriers, perfect interi-
ment of the financial discipline by means of
er the shells and the stones, the crisis exposes
ors. But what about the idea that mistakes let
the stability pact is one of the crucial issues to
underlying issues that go unnoticed in flourish-
a person become stronger and more human
achieve that. An intern market and a common
ing periods. It inspires thinking of reconsidera-
than permanent success can do? Can failures
European currency have to be coupled with a
tion of the way we organize our national and
and collapses not become the start for a new
fiscal union. Budgetary- and tax policy can no
European society economically and politically.
consciousness? Isn’t it sometimes necessary
longer be the primacy of each individual state.
The crisis can be seen as a chance. And with the
to stand at the edge of the abyss to make the
Political willingness is fundamental, because
end of the crisis we find the seed for new life.
next step? That seems not to apply only for
there is no political union in Europe. Euro coun-
That perspective is encouraging and gives trust
the life of individuals but also for the develop-
tries do have to be able to tackle each other
to take responsibility for the coming period.
ment of Europe and European countries, as
about their budget policy.
To speak with the words of the Dutch poet Her-
the recent crisis shows.
If the heads of government would have acted
man Gorter: ‘Een nieuwe lente en een nieuw
Looking at European history, it becomes clear
more pro-active – look at Greece, Spain and
geluid’, ‘a new spring and a new sound’.
that history repeats itself. That is good news,
Portugal – the costs would have been much
because after rain comes sunshine: economy
lower. But politicians go to the limit. Now it is
growths, technical revolutions like the introduc-
the moment for them to take their responsibil-
tion of ICT involve unbalanced growth, excesses
ity, as the ECB-president Trichet urges them.
and speculative behavior occur, there are diffi-
Quick acting is necessary now, because then
culties at the financial markets, recession starts.
the euro crisis will not effect the real economy.
Then a crisis is needed to get things well organ-
The challenges we face ask for more interna-
ized again. The European process of economic
tional cooperation between countries in stead
and financial integration has always been a
of competition on the basis of the Darwinian
dialectical process. In fact, it has to be a never-
principal of the survival of the fittest. Europe
Sylvester Eijffinger
ending process of trial and error.
can be an example par excellence, because
in collaboration with Annemarie Hinten-Nooijen
The crisis is the opportunity to make structural
European countries cooperate voluntarily: they
(Centre for Science and Values)
Asset Magazine
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