How to Better Finance Tomorrow’s Europe?

How can we sustainably finance Europe’s economic, industrial and strategic ambitions? Behind this question, two visions are directly opposed. For some, the scale of the challenges requires a change of scale: strengthening the European budget, issuing common debt, creating new own resources and coordinating massive investments. This approach considers that no single state can, alone, meet the requirements of sovereignty, ecological transition and global competitiveness.

Conversely, others advocate a line of fiscal and political prudence. They insist on the primary responsibility of member states, the need to contain debt and preserve national democratic legitimacy. According to them, Europe must above all create a framework conducive to the mobilization of private capital and avoid any drift towards mutualization perceived as unbalanced.

Between strengthened integration and preserved sovereignty, should Europe take a decisive step towards greater financial integration, or rethink its ambitions in the light of national capacities and wills?