Vale a pena ler este curto discurso do presidente do Bundesbank, Jens Weidmann. Um dos poucos na região que tem focado nos pontos realmente estruturais para resolver a crise, mirando no longo prazo. Segue um trecho:
Regarding the institutional framework, policy makers have to decide which direction monetary union is to take. As I have discussed in more detail in earlier speeches, there are in principle two conceivable options which lead to a consistent and economically sustainable framework for monetary union. The first would be a return to the founding principles, that is, taking the responsibility of individual member states in matters of fiscal and economic policy seriously. For this option, it would be necessary to strengthen the current framework in a manner that really ensures sufficient incentives for sound public finances – therefore, the no-bail-out clause is an integral part of this approach. The second option would imply a major shift entailing a fundamental change in the federal structure of the European Union. It would involve a significant additional transfer of national responsibilities to the European level, particularly in fiscal affairs. In the event that national governments do not comply with strict deficit and debt rules, they would have to delegate their fiscal sovereignty to the European level – at least temporarily. Only a clear decision for either of the two options lays the foundation to preserve monetary union as a stability union in the long run and to safeguard its role in the global economy. It is up to governments in Europe to make this decision. Hence, I welcome the German government’s attempts to press for greater political integration, including transfers of national responsibilities. Let me be clear: it will be a lengthy and arduous process requiring important legal changes. However, a credible commitment to this process could have beneficial effects right away.