For its part the German Government is active

The rally was short-lived. After the fall of the awards Friday, the Finance Ministers of the euro first and then the whole of the Union will try again, today and tomorrow in Brussels, to stem attacks against currency European by strengthening their economic cooperation, even if the path to an economic government is strewn with obstacles.

The Eurogroup endeavour, the first reassure distressed markets first by the magnitude of the deficits in the euro area then announced austerity policies that could slow growth. Doubts maintained by the statements of Jean-Claude Trichet, President of the ECB, which found that the markets are located in "the most difficult situation since the second world war" and its Chief Economist for that $ 750 billion support plan, "only did save time."

The great paymaster of the euro area should consider the measures proposed by the Commission, which include a prior control by the Union of projects from national budgets and a strengthening of sanctions against lax countries. The conclusions of the Council, prepared by the Spanish Presidency on Tuesday, recommend that projects from national budgets are, before be adopted, a screening by the Commission and the Council of Europe to check that they comply with the objectives and priorities set out in the common. This control would allow, according to Brussels, to avoid a new crisis like the one that hit the Greece.

However no indication that such a consensus can be found, this proposal that caused a lift of shields in many States. While Christine Lagarde stated not to be personally opposed, the spokesman of the Government, Luc Chatel, deplored that it deprives members of some of their prerogatives. "The coordination of national economic policies cannot be entrusted to Ministers only" said for his part, Alain Lamassoure, the Chairman of the Committee on budgets of the European Parliament. "We do receive not this sovereign right", attempted to reassure Günther Oettinger, the German EU Commissioner.

For its part, the German Government is active. According to the German magazine "wirtschaftswoche", the German Minister of finance Wolfgang Schäuble should propose a twelve point plan. He is champion the creation of a Committee, composed of independent institutes, responsible for pointing the States develop laws of patently unrealistic finance. Berlin would also militate for a European mechanism of reduction of debt, on the German model, with a strict sanctions regime. According to "Der Spiegel", Wolf-gang Schäuble also aims to propose a programme of fiscal consolidation for the 16 States members of the euro area, his colleagues of the Eurogroup to strengthen the confidence of the markets in the single currency. In an interview with the "Süddeutsche Zeitung", Angela Merkel believes that "to tackle the problem at its root, countries must put their finances in order," and that the stabilization plan decided on 9 May is "a temporary solution." And late It is clearly the view of Dominique Strauss-Kahn, Managing Director of the IMF. Yesterday, it deplored the reaction time of Europe in this crisis, believing that "If the problem had been managed in February, the cost would have been less important."