The election of Emmanuel Macron is a landmark event, raising hopes that France will re-energise its economy sufficiently, to become a full and equal partner to German in Eurozone governance.
In Spain, too, economic reform is translating into stronger long term growth.
These lines are written by Kenneth Rogoff, Harvard economist and great connoisseur of both international economy and finance. He considers that Europe, the united Europe, is in the middle of a crisis triggered by too much bureaucracy, not enough political will and political action. He considers that Europe needs to move to fiscal and banking union to strengthen stability and sustainability.
If not, he believes that risk of a new collapse of the 2008 style is not to be excluded.
Professor Rogoff is absolutely right. Not only because the convulsions and the contradictions between European countries are more and more apparent, but because England, whether it leaves Europe or not, will act as an earthquake element during the next 12-18 months.
Nobody knows today whether they will leave or not. In the meantime, the Euro will be submitted to various quakes from inside or outside.
Debt is becoming once again a huge problem. It is too big, it is growing, it is crawling all around.
Rogoffs conclusion is: for Macron and Merkel to decide.
I hope they will. And the sooner, the better.