Los peores augurios se han confirmado. Trump ha iniciado una guerra arancelaria y hasta ha llegado a decir que la Unión Europea (esa construcción que Washington siempre ha apoyado y mimado) es un “enemigo”. Algunos creerán que esto es para asustar, que Trump realmente no lo piensa. Pero si tienes como uno de tus mejores amigos europeos a Nigel Farage es posible que llegues a estar convencido de que la UE es un monstruo regulatorio neoimperialista dominado por Alemania y, por lo tanto, una amenaza para el pueblo americano.
“This week’s Meseberg Declaration signed by Angela Merkel and Emmanuel Macron, although a step in the right direction, is part of a collective denial about what needs to be done. You don’t need to be a populist to recognize that Europe’s monetary union is dysfunctional and in dire need of more substantial reforms that those proposed by Germany and France.”
Miguel’s joint article with Raymond Torres on building a more resilient, future-ready, Eurozone is available to read on Politico.
Deepening of EMU cannot wait until all countries have carried out all their domestic reforms, both risk sharing and risk reduction need to proceed simultaneously. In fact, all euro area countries are exposed to the risk of an incomplete monetary and economic union but with very asymmetric costs. This column, part of the VoxEU debate on euro area reform, argues that this risk can only be tackled with common instruments and policies at the European level, whose mere existence will reduce not only its magnitude but also its asymmetric consequences.
Miguel’s joint paper with Rafael Doménech and Federico Steinberg is available to read at Vox.org
Miguel’s Elcano Comments piece is a response to the European Commission’s reflection paper on the future reform of the European Economic and Monetary Union (EMU) paper. Available to read on the Elcano website.