Mairead McGuinness Fine Gael MEP

Why do markets and media analysts expect an “instant” solution to the crisis in the EU and the euro in particular?

I have been tying to get across the point that there will be no ‘quick fix’ solution. There cannot be. A crisis that took over ten years to emerge will take a long time to resolve.

It will take careful, co-ordinated and effective management, over a reasonable period of time, to stabilise the euro, the EU and individual member state economies.

So last week’s summit took a few steps forward – but it should never have been billed as the meeting to end all meetings on this very difficult and worrying crisis.

What emerged was not the outcome that many in the European Parliament wished for.

I am concerned about the move towards an intergovernmental approach and a move away from the community method to solving problems.

The emergence of a French/ German axis of leadership is troubling. It does little to instil confidence in the wider EU family. Small member states rightly worry about a perception that Germany and France are setting the agenda, rather than the entire 27 member state countries working in co-ordination. It is not healthy that this has emerged and it is something whish must be addressed.

In this digital information age of 24 hour news, huge pressure is placed on media professionals and policy makers alike to ’speed up’ the political process and provide continual, ’snappy’ updates. But useful solutions and answers are not dreamt up overnight.

The financial markets, like our citizens, do not want a frenzied ‘quick-fix’ solution but a meaningful, effective one. The political process quite rightly takes time to allow for a democratic exchange of views and for a detailed exploration of all possibilities.

Just as we need to reassure the markets, we should also prioritise reassuring our citizens. Confidence in the EU and in the euro is low.

But expectations for an overnight solution are unrealistic. The solid commitment of euro zone countries to stabilising the economy is very real.

That determination was made clear during the EPP Group Study Days event I attended alongside Taoiseach Enda Kenny in Marseille last week, which focused on the themes of defending our citizens, economies and values.

Last Friday, 9th December, the European Council summit continued its efforts to set Europe on the road to long-term recovery. The talks resulted in an agreement on new measures to ensure greater budgetary control across the EU. 26 of the 27 member states agreed to adopt the strengthened rules, with the UK opting out.

This intergovernmental agreement or ‘fiscal compact’ will include a commitment to ensure national budgets are balanced or the annual structural deficit does not exceed 0.5% of GDP. Greater emphasis is placed on fiscal responsibility with the Commission taking a more important role in terms of oversight of euro zone budgets and deficits.

All of the current issues leading to global uncertainty demand new approaches and a new way of thinking. They require a deeper understanding of the complexities of the issues and the interconnectedness of global economies.