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Time Online: Mr Brunnermeier, union and, above all, SPD, have discovered Europe as a major issue for ir grand coalition. Can France’s president Macron get started with his EU reform now?
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Markus Brunnermeier: No, Germany will not take over France’s Vorschlägesicherlich one to one. While re are some overlaps, such as safeguarding of EU’s external borders or defence policy. When it comes to reform of monetary union, re is certainly still much to be discussed. France has different ideas here than Germany.
Time Online: In EU and SPD exploratory paper, Europe says: “We want to promote fair mobility, but prevent abusive immigration in social security systems.” What’s that supposed to mean?
Mark Brunnermeier
The native Bayer Markus Brunnermeier teaches economics at US University of Princeton. He is author of book Euro: The Struggle of economic cultures.
Brunnermeier: An EU-wide Mindestlohndiskutiert is now being developed in Europe. France supports idea that re is a great deal of Aggressivergegenüber to Eastern European Member States than Germany to unify DieRegulierung on labour market. While Germany has auchkein interest in wage dumping within EU, it should also be borne in mind that Eastern European EU countries are economically competitive, mainly due to NiedrigerLöhne. These countries must also be given anopportunity to develop.
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Time Online: Moreover, Union and SPD want to strengn “DieWettbewerbsfähigkeit of EU and its growth forces in context DerGlobalisierung”. How can this be achieved in concrete terms?
Brunnermeier: Large economic blocs, such as China and USAwerden, are trying to make an even greater impact on world economy by setting technical standards. The EU must keep up.
Time Online: What do you mean exactly?
Brunnermeier: I am talking mainly about technological methodologicalstandards future technologies that we do not yet know. In 1990s, for example, Europe established GSM standard, which became a global standard. Economic areas that Standardssetzen today will have enormous advantages in future key technologies. Generates also for financial economics. Money transactions will take on new forms.
Time Online: Union and SPD are also planning to “SpezifischeHaushaltsmittel for economic stabilisation” in EU. Do you think it makes sense?
Brunnermeier: If countries are in crisis, y need help in short term. But willingness of or States to be helpful cannot be exploited undsollte refore be linked to sensible reform conditions. The Forderungenvon Emmanuel Macron for a euro budget are far-reaching. Berlin will refore urge that budgetary budget be linked to certain tasks, such as securing EU’s external borders. This is where unterschiedlichenWirtschaftsphilosophien of France and Germany enter spotlight. In France, a very centrally controlled country, government allows itself a interventionistischesKrisenmanagement. The German approach, on or hand, is rule based.
Time Online: Which view can you gain more from?
Brunnermeier: There is a golden middle ground for certain areas. One kannzum example of French view, by KlugeVerbriefungen a European bond, which excludes a total liability such as beimEurobonds. This would be in line with German principle of liability. In or areas, one must choose an economic philosophy.
Time Online: And which is better for Europe?
Brunnermeier: I believe that for EU with its föderalenStruktur, interventionist approach is rar problematic, because it is always possible to create a country that prefers or anor benachteiligtwird. If, on or hand, you agree on rules – as or prefer – and n act on ir basis, I can imagine that re will be less disputes. However, Regelnglaubwürdig must be same, which requires a certain minimum level of risk sharing.
