Our manifesto for Europe -Thomas Piketty and others

Our manifesto for Europe

European Union institutions no longer work. A radical financial and democratic settlement is needed

Thomas Piketty and 14 others

The European Union is experiencing an existential crisis, as the European elections will soon brutally remind us. This mainly involves the eurozone countries, which are mired in a climate of distrust and a debt crisis that is very far from over: unemployment persists and deflation threatens. Nothing could be further from the truth than imagining that the worst is behind us.

This is why we welcome with great interest the proposals made at the end of 2013 by our German friends from the Glienicke group for strengthening the political and fiscal union of the eurozone countries. Alone, our two countries will soon not weigh much in the world economy. If we do not unite in time to bring our model of society into the process of globalisation, then the temptation to retreat into our national borders will eventually prevail and give rise to tensions that will make the difficulties of union pale in comparison. In some ways, the European debate is much more advanced in Germany than in France. As economists, political scientists, journalists and, above all, citizens of France and Europe, we do not accept the sense of resignation that is paralysing our country. Through this manifesto, we would like to contribute to the debate on the democratic future of Europe and take the proposals of the Glienicke group still further.

It is time to recognise that Europe's existing institutions are dysfunctional and need to be rebuilt. The central issue is simple: democracy and the public authorities must be enabled to regain control of and effectively regulate 21st century globalised financial capitalism. A single currency with 18 different public debts on which the markets can freely speculate, and 18 tax and benefit systems in unbridled rivalry with each other, is not working, and will never work. The eurozone countries have chosen to share their monetary sovereignty, and hence to give up the weapon of unilateral devaluation, but without developing new common economic, fiscal and budgetary instruments. This no man's land is the worst of all worlds.

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Thomas Piketty Director of studies at the École des hautes études en sciences sociales (EHESS) and professor at the Paris School of Economics 
Florence Autret Author and journalist 
Antoine Bozio Director of the Institute of Public Policy
Julia Cagé Economist at Harvard University and Paris School of Economics
Daniel Cohen Professor at the École Normale Supérieure and the Paris School of Economics 
Anne-Laure Delatte Economist, CNRS, University Paris X and OFCE
Brigitte Dormont Professor, Paris Dauphine University 
Guillaume Duval Editor of 'Alternatives Economiques' 
Philippe Frémeaux President, Veblen Institute 
Bruno Palier Director of research, CNRS, Paris Institute of Political Studies
Thierry Pech Director general, Terra Nova 
Jean Quatremer Journalist
Pierre Rosanvallon Professor, Collège de France; director of studies, EHESS
Xavier Timbeau Director of analysis and forecast department, OFCE, Paris Institute of Political Studies
Laurence Tubiana Professor, Paris Institute of Political Studies; president, Institute for Sustainable Development and International Relations

http://www.theguardian.com/commentisfree/2014/may/02/manifesto-europe-radical-financial-democratic