For more than 60 years, France and Germany have had a productive friendship. By working together and seeking compromises despite frequent initial differences, our two countries have helped move Europe forward. Today, the French-German dialogue has been weakened, mainly due to domestic political instability on both sides of the Rhine. But this dialogue is now needed more than ever before, as the threats to Europe are clearly increasing.
In addition to long-term tasks arising from climate change, population aging and digitalization, we have to deal with geopolitical crises and tensions. The outcome of the US election may well add to such tensions and should be taken as a wake-up call. Against this backdrop, France and Germany should stand strong together. To divide us would be to condemn us, and to condemn Europe.
As colleagues in the ECB Governing Council, as friends, as dedicated Europeans, this is why, today, we are united in calling for a revival of joint French-German action. Starting in 2009, the global financial crisis developed into the sovereign debt crisis in the euro area. Member states set up a rescue shield and created the European Stability Mechanism and the Banking Union.
Editorial France and Germany have a duty to act in unison
Our countries initially held different opinions. France favored a greater pooling of debt, whereas Germany emphasized the responsibility of the individual member states. But in a dialogue based on trust, our governments managed to find compromises. France and Germany reached yet another fruitful compromise in 2020 in the face of the coronavirus crisis. Member states then adopted an exceptional and temporary crisis management tool, the Next Generation EU fund worth €750 billion.
Our destiny in our own hands
In the ECB’s Governing Council, chaired by Christine Lagarde, we had to face the inflationary surge from 2021-22; inflation is down again from more than 10% two years ago, to 2% today. We did not always completely agree on the monetary steps to be taken, but together with our colleagues on the Governing Council we were always able to reach a decision. And victory against inflation is in sight. We are dedicated supporters of a digital euro, both in a retail version for everybody and a wholesale digital currency for financial markets. A digital euro would be a truly European project, strengthening European autonomy in payments. We welcome the completion last year of a revision of the European fiscal rules. We expect each country to stick firmly to these common rules.
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Publish date : 2024-11-21 20:01:00
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