Un agenda européen pour la France et l'Allemagne

PARIS – L'Europe risque de s’enfermer dans le piège de la stagnation. La croissance est à peine perceptible ; une inflation dangereusement faible entraîne la hausse des taux d'intérêt réels ; les dettes publiques et privées s'alourdissent, la crainte d’une nouvelle décennie perdue s’installe. Et bien que le risque de fragmentation au sein de la zone euro ait reculé, il n'a pas disparu. Aussi l'Europe convainc-t-elle de moins en moins, que ce soit à l’intérieur ou à l’extérieur.

La France et l'Allemagne - les principaux moteurs de l'intégration européenne depuis plus de 60 ans - ne doivent pas se résigner à cette situation. Les querelles entre les partisans français de la demande et les partisans allemands de l’offre doivent céder la place à un plan d’action commun.

Ces controverses n’ont pas de sens à nos yeux. La faible croissance de la productivité atteste de la carence de l'offre. La combinaison d’un taux de chômage élevé et d’une baisse de l'inflation atteste de l’insuffisance de la demande. Les écarts de taux d'intérêt au sein d’une zone monétaire commune attestent de la fragmentation. La vérité est que l'Europe souffre de plusieurs maux.

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