LETTER OPEN TO THE CHANCELLOR ANGELA MERKEL

 

I go openly to you to see of convincing her of what is a step in false for you and it stops it is the definitive step for the European Union. I speak of the euro voucher, you look, against the opinion of the European politicians in the one that include it, the first problem of the Europe of the euro, is not the fiscal deficit neither the sovereign debt, the main problem it is the political mismanagement caused by the different government visions in the euro area, and this gives cause to all the other maladjusted, the difference of tendencies, each government's idiosyncrasy, makes that some see the half empty glass and other it empties completely. 

 

Let us don't be angered but you and their government, they are always completely of those that come it empty, less his and I don't find bad, with their wisdom and their tenacity, he goes them very well, but the problem resides in that you don't send more than in its parcel, and its attitude and government's form is not able to neither it should be imposed by the force of the facts, making use of its influence to brake initiatives or ideas that others propose, neither for the fact that they collide with its ideas or its own interests, because this attitude, invalidates them to be what they should be, the leaders from the Europe of the euro. 

 

You maintain the theory that - we should, and that it is the lesson, to move away from a union of debts and to go toward a union of sustainable fiscal stability. This won't be easy, but it is the correct thing - she has the whole reason it was this viable, but I ask, because they didn't expose it years ago, when yourselves was jumped the ratio of deficit deviation regarding the state budget, then they don't care to allow a Europe above their possibilities because it suited you. And Mrs. Merkel of those powders these muds. But I don't say it strictly in punitive sense toward their country and government that it consented it, what I mean it is that the fiscal deficits doesn't have to be a fixed measure and immovable for all same, because the economies, the resources and their economic balance are not for example similar to those of their country.

This exposes it because now in Spain, Greece, Portugal, and Italy and I fear myself that in some country more, their inflexible posture and based on some macroeconomic figures that are those of Germany, she will force them to take to their society to you about them of the poverty, because to adjust their budgetary imbalances with the help of to clip and not to equal the fiscal scale for their productive and tax side as it happens with Germany, it causes that poverty and desolation in the society.

Let us see the following example a country X he has 70 million inhabitants and in their fiscal balance he has in their chapter of revenues 7.000.000 million Eurus and in their expenses 7.210.000 million Eurus we make the bills and it presents a fiscal deficit of 3% according to their position it is the correct deficit this means that the (presupposed / capita) that he enjoys their society it is of 103.000 Eurus. That it happens with another country Y that he has 47 million inhabitants and that their fiscal balance presents some revenues of 4.230.000 million Eurus and according to its rules it liquidates the year with some fantastic expenses of 4.356.000, it maintains the demanded budgetary balance, but and its society that passes to its society also maintains the balance with regard to the other one, let us see it in this last country the (presupposed / capita) it is of 92.700 Eurus, that is to say an European of this country is anything less than 10% less European that the other one.

As we equal this, because it will be accountably all the correct one that they want, but socially and politically it is not it, I would wonder in the case of the second country for what reason I want to be European, undoubtedly you can adduce that if was not it maybe it would be worse, but this is not an acceptable explanation, what europa should make is to bring near all the economic indexes among countries, and not to look for the simply numeric solution of the problem doing without of the social economic repercussion that bears, because if one doesn't make, he will be able to end up the europa of the euro to present some sustained economic deficits, but equal presents a civil society in state of permanent revolution.

 

I believe that it is necessary to make the adjustments otherwise it is necessary to mark some levels means of value of the (presupposed / capita) and to outline in consequence that deficit is the one allowed to each country, so that it is balanced the level of all the societies that they are part of the union, in this case of the area euro, because but the economies they were never balanced and it will never be a true union.

 

As we make that, let us return to the previous example we mark that the (presupposed / capita) of the euro area it should not present more than a deviation of 5% among countries, this rule could allow this way maximum difference of this order among countries, well continue to the country AND of the 47 million inhabitants and 10% differential we should allow that it outlines its budgets with a deviation of deficit of 9% he will be able to this way to budget 4.610.700 millions this will give a (presupposed / capita) of 98,000 Eurus and its deviation in front of the one considered comparative serious of 5%, this would produce a budgetary debt that this country should assume in this equivalent case of 380,000 million Eurus to the budgetary deviation evidently.

 

Here it is where it lacks the agreement of the European union, regarding the Eurobonds these perfectly controlled budgetary deviations and reasonably experts which it is their cause, should can to finance with euro funds in the international market and with the guarantee of the euro, and I don't eat now in the international market creating speculations that they go against the whole euro area in the bottom.

 

It would be possible also that the countries that doesn't have so much necessity to get in debt and therefore doesn't load to the euro voucher of more cost, can have an allowance of their interests paid by the use of the euro funds in the financing of their debt, this way and maintaining the example the country X with 3% of budgetary deficit, he would pay the interest to which the euro voucher is marketed in the international markets, and the country Y, with more deficit he would pay an increment about this equivalent interest to the differential of its deviation of the budget, in the example 6% but, this way if the euro voucher quotes in 2.5% the country Y he would pay for its voucher to the internal originator 2.65%, these interests extra could be used to discount to the countries that maintains their budgetary deficits in the approved valuation.

 

It is necessary that the levels of competitiveness and the budgets are similar. I don't seek collectivizing the debt, thing that you selfishly fear. Nobody has mentioned the opposite, Mrs. Merkel if the originator of funds is Europe it will be the BCE or what would be better still an European FED who truth, and you would emit them who believes that it would fill the arks of this entity, because the country properties publish of the nations, according to some contribution taxes that perfectly and until all the parameters that you claim is not even, each country should contribute with a bigger or smaller percentage that the other ones, this way although the voucher has the same interest before a third, he would not have it among the taxpayers of the area euro, so Germany could continue paying its cheaper debt that for example Spain.  

 

The president of the European Commission, José Manuel Durao Barroso, announces and it moves away in its speech before the full of the Euro camera its intention of presenting options to introduce Eurobonds, and he makes it for its reaction to against. But it is that there already is not a lot of time, you have been given bill that it is necessary to begin to fight for the reactivation of the economy, because otherwise there is not form of leaving the recession, so to begin to reactivate, before they have to reduce costs and social and economic inequalities in order to get them not to go getting wider the cracks that go us separating, and he doesn't doubt it the only form of equaling us it is the fiscal regulation, the budgetary control, and the euro voucher, they have already started both first please it allows to start the third.