WASHINGTON (MarketWatch) — The possible solution to the euro crisis is
beginning to emerge, not in Brussels or Berlin, but in the southern
periphery of the continent, which is bearing the full brunt of the
misguided policies currently sustaining the joint currency.
In
Italy, the solution is named Matteo Renzi, the 38-year-old mayor of
Florence, who won two-thirds of the vote in a nationwide poll by party
members over the weekend to become the new head of Italy’s Democratic
Party (PD).
In Greece, his name is Alexis Tsipras, the
39-year-old head of Syriza, a left-wing coalition that came out of
nowhere to overtake establishment parties as the leading political force
in the country.
And in Spain? Perhaps it will be Susana Díaz,
the 39-year-old Socialist president of Andalusia, the country’s most
populous region, where youth unemployment tops 60%.
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In short, it is becoming evident
that the future of Europe lies with a new generation of politicians who
will attempt to salvage the wreckage left by a generation that became
complacent and trapped in ideas that no longer work.
Renzi, for
instance, has made no secret that one idea he will throw out the window
is the government deficit cap of 3% of gross domestic product enshrined
in the original requirements for belonging to the euro zone.
“It’s
a constraint that dates back to ... when the European economy was still
growing, it was another world,” Renzi said recently on Italian
television , according to Reuters.
Like Tsipras in Greece, Renzi
is not talking about leaving the euro EURUSD -0.0832% , but about
renegotiating the terms for the common currency.
These terms —
including the 3% limit on deficits and a 60% limit on debt — were
imposed two decades ago by a Germany reluctant to give up the deutsche
mark, but which Berlin felt free to flaunt whenever it chose to do so.
Renzi
does not plan to immediately join the national government, currently
headed by his party colleague Enrico Letta. However, he is expected to
lead the PD in the next general election as candidate for prime
minister.
Tsipras, who is confident his party will win the early
elections he expects next year, making him prime minister, has said he
will bring European Union business to a standstill by exercising
Greece’s veto in the European Council unless euro policies are
renegotiated.
Díaz, who became head of Andalusia’s regional
government in September, last month was voted to head the Socialist
Party in the region, prompting speculation that she would soon have a
national role in the party.
European media are having trouble
getting their heads around this youthful resurgence, so reports are
comparing Renzi to Tony Blair — because he will reform a leftist party
and appeal to the center. They even see him in an intraparty
partnership/rivalry with Letta like that between Blair and Gordon Brown.
(Blair gamely sent his congratulations to Renzi this week, saying he
represents “a spirit of optimism and hope for Italy and Europe.”)
Díaz,
meanwhile, is drawing comparisons to Felipe González, the charismatic
Spanish Socialist who was elected prime minister four times in the
immediate post-Franco era.
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