EU at Sixty

The EU leaders today met in Rome to celebrate the 60^th anniversary of the common European political dream. And they approved a Declaration to charter the way for the next ten years or so. In my opinion, the most salient point of this initiative is about unity. The leaders have shown they believe in the joint future of the EU Member States. They are particularly keen about strengthening the Euro, as the Union's currency. And they want to focus their attention on four priority areas: security, economic prosperity, social protection and a more strategic presence in international affairs. It´s a good choice even if within each one of these areas there is still a need to be more precise, both in terms of narrowing down the areas to concentrate on what is indeed transformational and timelines.

Let´s be positive

The good news is about the EU economy. The employment rates are up and again there is economic growth. Science-based innovation and renewable sources of energy, among other sectors, are particularly contributing to the expansion. And the euro has kept its value when compared with the currencies of our main trading partners. It does not show any sign of imminent collapse. 

End of break

Time to resume the daily routines, after a period of rest in Southern Spain. And the first thing I notice is that the key people in the European institutions are still too much focused on security issues. It´s not a good idea. The security mechanisms are in place and they can do the job at hand. The politicians do not need to meddle too much with the security domain. They just need to provide the necessary legal and financial support. And then concentrate their minds on the economic and social challenges that are at the centre of the citizen´s preoccupations as well as on the relations between Europe and some key outside nations. That should be the agenda for the rentrée.

Spain is getting back on its feet

I just spent a good number of days travelling in the Andalusia Region, in Southern Spain. I saw once again a country full of dynamism. To me, all signs appeared to show that the economic recovery is firmly on its way. Business is moving up. This is certainly good news.

It is also true that people keep complaining about the cost of living, the scarcity of job opportunities and the high-handed taxation system. They are certainly right. Spain, like other EU countries, is putting too much pressure on the working people. They are the ones that finance a good deal of the recovery. They are the ones that get heavily taxed. And this should not be the case. 

In Riga with hope

When in Riga, as it is again the case at present, I am amazed by the elegance and good manners of its people. I can only wish they will be able to keep the society together, notwithstanding the linguistic and social divisions, and keep the economy growing.

The region might feel nervous because of the events in Ukraine. But the Baltic States are not in the same predicament as Ukraine. They are now part of the EU and NATO. They belong to a greater political space. And their geo-economic situation can be an advantage, a major trump card. They can be a strong link between the rest of the EU and Russia, once the situation goes back to normal. And I hope that will be the case one day in the coming future. 

Draghi´s measures should have a positive impact

I fully support the measures taken today by the European Central Bank president Mario Draghi. It´s far too early to talk about their impact, even less about the results. But they are bold decisions. They are a very serious attempt to revive the EU economies, to facilitate access to productive credit and also put a stop to the strengthening of the euro currency. The only problem is that the financial markets are very volatile, they have their own logic, and, in many cases, they are only interested in the short term. And they move trillions of resources on a daily basis. However, there is money out there that is looking for a more predicable economic environment and that is ready to invest long term. Let´s see if they get additional incentives to invest on productive and job generating activities now that Draghi has adopted a more proactive approach.