In their fourth meeting this year, Rajoy and Monti decided yesterday to stand up to Merkel. They plan to oppose Germany's proposal to name a European "Supercomissioner" that would have power to veto national budgets.
Rajoy doesn't understand that this measure focuses singly on helping Spain meet its deficit objective. "If it's the only thing that can be done, then I don't like it," he said with a forcefulness that is inconsistent with his typical manner of expression. Monti added that so much uncertainty calls into question the seriousness of the agreements. Their joint opposition should be understood as a disgreement with Merkel's vision for banking union in 2013.
Monti also opposes asking for aid from European relief funds. Rajoy has tarried in making his decision for as long as possible, because he knows that Spain will not have financing problems for the rest of 2012. The year ahead is another thing. Monti, after saying that the current risk premium is not justified, also things that a relief program will not be needed. Both leaders want to make the most of the ECB's willingness to pump money into their economies, even if they never will, and the temporary relief that has offered to the markets. Europe's problem is that a lot of noise has been created and few leaders are listening because of high doubts and suspiciouns. Is it possible for the EU to move forward when all its leaders have learned that the only way to obtain results is to say no?
A solution for Europe will need a long and complicated process that can begin only when the continent is on the verge of collapse, that will delay finding a solution until the situation is unsustainable. In order to get results, there is not alternative left but to look ahead collectively and know when it makes sense to say no, or not.
