This contribution by the President of France is what Europe needs. Finally a leader who does not say that Europe is responsible for what goes wrong and that national politics can take credit for every success. On this basis we should now start a debate on the detailed proposals. The main danger will be to avoid the slippery slope from a 'Europe that protects' to a European protectionism. The European economy will be stronger if its subject to vigorous global competition, even if that competition might at times appear unfair to some.
The recent sharp slowdown in economic growth and surge of inflation have rekindled grim memories of the 1970s. Is the global economy heading into another perfect stagflationary storm, or will policymakers manage to navigate a safer course?