This text contains three major innovations

Europe progresses by successive crises. "This sentence, repeatedly made by the officials and observers, mi-fatalistes, mi-résignés, confirms once more. Greek crisis and the threat it poses on the existence of the euro area has led European leaders to a radical reform of the mode of operation of the euro area. The debt crisis in concerned Europe to America, where the President, Barack Obama, spoke yesterday on this subject with the head of the Spanish Government, José Luis Zapatero. The collective awareness trigger signal goes back to February 11, when at the end of a conversation with President Nicolas Sarkozy, German Chancellor Angela Merkel refers for the first time the principle of an "economic government". But it contemplated only in twenty-seven, and this is why at the Summit of 25 March, the leaders entrust to their President, Herman Van Rompuy, the care to form a "task force" charged with proposing avenues of reform for the creation of instruments for crisis management and for greater fiscal discipline. Appointment is taken to the end of the year and it must meet for the first time on 21 May. But meanwhile, panic swept the markets and the euro became the official priority for a Germany is committed to ensure a good part of the European debt.

Three great innovations

That is why the Commission started the work and will present tomorrow, in the Emergency Department, a communication on the strengthening of economic governance in the euro area. This text contains three major innovations. The first aims to strengthen the monitoring of deficits above the presentation of the budgets by the Governments of the Member countries of the euro to their parliaments. Brussels should propose that projects from national budgets or at least their main lines to be submitted even before that they are transmitted to national parliaments, and not ex post. In other words as early as March or April, for consideration by the Ministers of finance in June, before the opening of the parliamentary debate to school in France and the vote of the law of finance by the French Parliament in December. And in January the following year, for consideration by the Ecofin Council in March. "This is the heart of our proposal, a measure that we find it absolutely necessary to strengthen the economic and Monetary Union," said European Commissioner for Economic Affairs, Olli Rehn, hoping thus to detect problems at the early stages of the development of budgets and probably weigh more on the national budgetary guidelines. In Paris, an estimated "a little inevitable" measure. Still need to convince the French and German parliamentarians that they do not lose their power of control over the accounts of the nation.

Second proposal, a better monitoring of competitiveness gaps, by the introduction of new indicators: productivity, the current imbalances or the cost of labour, for example. At this stage, the Commission is not determinative. "Once indicators have been arrested, it must still specify the methods of calculation," said an observer." Take on the cost of the work before or after taxes, social charges included or not "Finally, third axis, the introduction of sanctions against the countries of the euro area which would spin their deficit. Olli Rehn is not favourable to exclude the countries repeat offenders in the area, which would require a revision of the treaties ("Les Echos" of yesterday). The Commission envisages, in its communication, to use the atomic weapon is the deprivation of voting rights in the Council, demanded by Berlin. Brussels on the other hand opens a discussion on the means to implement to allow for the effective application of removal of the structural funds, already provided for in the texts but never implemented.

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