In several European countries growing populist movements are threatening the representative democracy and the entire post-war social democratic settlement.
President of the European Central Bank, Jean Claude Trichet, was once head of the Paris Club – the group of government creditors who negotiated debt restructuring during the Latin American debt crisis of the 1980s. This column asks how such experience will help Europe now that the problems are on its doorstep. It introduces a Trichet Plan for the Eurozone.
A debt transfer of up to 60% would stabilise the crisis. But it should be to Eurobonds held by the ECB rather than an untried new institution and does not need either buy-outs or national guarantees .
Perporre un freno agli attacchi speculativi, bisognerebbe affermare con chiarezza se è ammesso il default di un paese dell'eurozona o se s'intende andare verso la ristrutturazione del debto. L'indeterminatezza aggrava le spinte speculative.
Il progetto di società elaborato dai padri costituenti è rimasto a lungo semi-nascosto. Ma oggi la "piazza" riscopre ed esalta i principi di eguaglianza e libertà iscritti nella madre di tutte le leggi
El proyecto desarrollado por los padres constituyentes ha sido durante mucho tiempo semi-secreto. Pero hoy los italianos han tomado la costumbre de autoconvocarse en la calle para abanderar los principios de igualdad y de libertad contra los ataques de la derecha populista
It would be preferable either a clear statement that euro countries do not allow a default of a member country , or an immediate debt restructuring, while the EU policy of “buying time” gives room to speculative attacks.
