The new president of France, Emmanuel Macron should concentrate on deepening financial and fiscal integration of the EU, as well as the promotion of stimulating inflation policy, according to the author Financial Times.
Although it is the priorities of the new president of France Emmanuel Makron in the EU are unknown, of his campaign settings it is clear that it will take a course to strengthen economic integration in the euro area with the creation of its own budget, the appointment of the Minister of Finance and the introduction of parliamentary oversight, according to Financial Times.
One of the book's authors suggested what steps should be taken Macron to make progress in deepening European integration and make France one of the leaders in these processes.
Firstly, the FT journalist believes that instead of creating a separate euro zone budget would effectively expand the budget of the whole of the EU and the existing pan-European investment funds. Thus the scope of the project that can be financed from European funds will be wider.
Secondly, there are many directions in which the EU countries could deepen cooperation. In particular, Macron could initiate the creation of pan-European party lists, leaving for them the seats of the European Parliament's deputies leaving the European Union Britain. In addition, he could lobby for strengthening the cooperation of the countries of the "united Europe" in the field of defense and security, uniting the digital services sector, setting the minimum cost of carbon emission allowances, and including in the trade agreements articles aimed at tax evasion.
Thirdly, the author of the FT believes that Macron should focus on more specific options of economic integration, such as between two or three countries, one of which has the potential to become Germany. This, in particular, can include the creation of economic sectors "without state borders" between these States through the harmonization of the regulatory framework and consolidation of the tax base. Such a scenario will encourage other EU Member States to join the process data.
Fourth, the new President of France would promote the creation of a banking union, as well as to initiate a greater integration of European financial markets - the so-called Union of the capital markets.
Fifth, the FT journalist believes that Macron it would be expedient to lead the EU's efforts to establish a common mechanism of borrowing in a "united Europe" and the separation of financial risk among all members, for example by issuing joint Eurobonds specialized. At the same time, given the negative attitude of Germany to such initiatives, France could run these processes, bypassing Germany, united with other willing EU countries.
The sixth and most important step, which is to go Macron, author of Financial Times believes departure from deflation rate and promotion of EU policies to stimulate price increases. This move, coupled with the creation of out-relief mechanisms of control public and private debt, in his opinion, will strengthen the sustainability of fiscal EU.