Editorial: Turning point for Europe

The sudden decision of Jens Weidmann to step down as the head of Germany’s Bundesbank, six years before the end of his second term, comes at a critical moment for the future of Europe.

Weidmann, 53, is considered a “hawk” and he has systematically strongly criticised the loose monetary policy of the ECB.

His possible replacement with someone who has more “systemic” views, combined with the formation of a new German government, is literally a turning point.

Emmanual Macron should be quite pleased. Barring some staggering, unexpected event, the German chancellor with whom he will cooperate over the coming years (if he is re-elected) will be the winner of the recent German elections, Olaf Scholz, a politician who is less obsessed with austerity and inflation than Angela Merkel.

The Franco-German axis is de facto strengthened as long as Italian PM Mario Draghi, who had described Weidmann as “Nein zu allem” (No on everything), remains in power.

Britain’s withdrawal from the European Union raises yet another obstacle to achieving the goal of creating a European “superpower” that will take its place beside the US and Russia.

These developments are exceptionally significant for Greece, which now enjoys a very favourable environment both for its economy and regarding issues of national importance.

If the pandemic is checked, we can hope for much better days.

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