Germany’s idea that “others” want its money has clouded its view on the need for euro zone integration, Macron’s chief economic advisor told Die Zeit on Wednesday.
The man who drafted Emmanuel Macron’s electoral platform, Jean Pisani-Ferry, told German weekly that a victory for the centrist candidate would be a signal for “more Europe.”
More Europe means an independent budget and a finance minister for the Eurozone, public investment, a banking union, and new crisis management instruments. The primary tool envisaged is the conversion of the European Stability Mechanism into a monetary fund modeled after the IMF.
A common budget and a banking union entail an element of debt mutualization that Germany has fiercely resisted. But, according to Pisani-Ferry, the time for such changes would be “after the elections in Germany in September, at the latest.”
Pisani-Ferry concedes that Germany cannot be Europe’s paymaster, but underscored that Berlin must also get over the notion that “it is all about money.”
Macron has argued that reforming the French economy is a precondition to restoring German trust, facilitating the restart of the project of European integration.
German officials, including Chancellor Angela Merkel, have supported Emmanuel Macron, although Finance Minister Wolfgang Schaeuble is careful to dismiss any idea of pooling together financial resources in the euro zone.
On Wednesday, Chancellor Angela told the Cologne-based daily Stadt-Anzeiger that she would be “very pleased” if Emmanuel Macron won, “because he stands for consistently pro-European policy.”