«These three strands – explains the former banker – must lead us to reflect on how to organize ourselves, on what we want to do together and on what to maintain at a national level (…) To guarantee coherence between the different political instruments, we should develop a new instrument strategic for the coordination of economic policies. If this is not possible, in specific cases, we should be ready to consider the possibility of proceeding with a subset of Member States.”
Referring to the mechanism called “28th regime”, which does not envisage regulatory harmonization between countries but the birth of a parallel legal regime, Mario Draghi cited the case of the union of capital markets, a tedious topic that has been on the European table for years because it has been blocked by conflicting national interests . TO GentIn February, French Finance Minister Bruno Le Maire urged rapid action on this front, including by pursuing national collaborations.
The so-called “28th regime” mechanism would make it possible to circumvent the opposition to a tout court harmonization of the rules. In fact it offers the contracting parties the possibility of choose between two systems of contract law. In the past, the mechanism it was used to develop the statute of Societas Europæa, or European company. It had been done by a former Italian prime minister, Mario Monti in its 2010 Single Market Report.
Stop the fragmentation of the single market
It is estimated that there is a total savings in Europe of 33 thousand billion euros, and that every year 300 billion are invested abroad, in particular the United States. The fragmentation of the single market is no longer justifiable. It has in fact become an obstacle to growth. On the capital markets union front, Italy is on the same front as France. Cold are small countries that have made their financial center a raison d’être: the Luxembourgbut also Ireland hey Netherlands.
While these countries fear an increase in costs and their possible marginalization, the Germany appears in the middle of the ford. For years Berlin was cold to the idea of creating a financial union, probably due to unspeakable local interests, today Chancellor Olaf Scholz seems to have changed his mind (at least that’s what it seemed like at the European summit in March). It is now a question for him to convince his Finance Minister, the Liberal Christian Lindner .
