We would be wrong to believe that the issue of the re-appointment of the President of the European Commission is the focal point on the agenda of the European Council on 18th and 19th June. The concrete follow-up to be given to the G20 in London is long in coming. The Commission has put forward texts that are questionable.
Could it be any other way when the person with the pen is no other but Irish man MacCreevie whose claim to glory is of having liberalised internet gambling without any thought given to morality and to the effects this might have on the movement of dirty money!
Will the Heads of State and Government be able to put forward financial regulation to the other world partners “which is both cautious, homogeneous and whose effective implementation can be guaranteed” to quote Jacques de La Rosière.
The report by the former Director General of the IMF, adopted unanimously, now has to give rise to rapid implementation. And it should be followed by similar exercises.
The main share of the work again lies in the hands of the Germans and the French. The German Chancellor and French President have clearly said that this is a priority for them.
It is indeed vital for Europe and in likelihood for the Euro.
The tribulations suffered by draft directives and decisions, expected on the part of the Europeans, notably because of the position adopted by the UK, have prevented us formulating clear positions until now.
The Commission has not managed to force the hand of the reticent so that they see beyond short term interests.
However it is the entire financial system of the world that stands to benefit from an audacious move on the part of the European Union.
This is probably why Angela Merkel and Nicolas Sarkozy have demanded that José Manuel Barroso produce a programme and detailed commitments on this fundamental subject.
"Barroso and a programme, a programme and Barroso” are the exact terms used by the Franco-German couple who met together on 11th June at the Elysée.
And we are waiting for the applicant to prove his efficacy by adopting European regulation measures. This is one of the conditions to emerge from the financial crisis.
Above all it must be the signature of Europe’s contribution and her message to the world’s economy.