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The Europe of Melancholy
Tribune | 15/02/2007  Article published in The Federalist. At this odd moment in Europe's history, marked by both anniversary celebrations and a persistent atmosphere of crisis, I warmly recommend this article by Tommaso Padoa-Schioppa. Mr Padoa-Schioppa's observations are pertinent and moving, lucid and yet full of hope. He describes the melancholy into which European society seems to have sunk: loss of faith, inaction, loss of interest the outside world, a withdrawing into itself, and low self-esteem. He maintains that this melancholy was not caused by the current crisis, but rather vice-versa; that the phenomenon seems to be a very European trait; and that understanding it can help us to overcome it. In contrast to the feeling of crisis, constantly played up by the media, Mr Padoa-Schioppa points to several examples of a new "literature of success" which has sought to counter the prevailing pessimism. These recent works emphasise the originality and the many successes of European integration, and talk of the potential role of Europe in the 21st-century world. Tommaso Padoa-Schioppa recognises the limits of this "success literature", however : the problem of depicting the ongoing European project as a finished process. He reminds us that Europe is not at peace, but rather enjoying a long truce, and that the EU will never be a real Union as long as "staying together" is not considered a crucial criterion in member states' choices - including those on whether to renounce rights of veto. Mr Padoa-Schioppa warns against the dangers of incomplete integration. Europe, he says, holds the key to meeting the challenges and the threats facing today's world; and the only possible world peace is pax europea.
Articles by Tommaso Padoa-Schioppa : |
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The author |
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Tommaso Padoa-Schioppa died on 18th December 2010 in Rome. He was 70 years old. He was President of Notre Europe and Chairman of Promontory Europe. He was appointed by Greek Prime Minister Counsel for issues related to management of the economic crisis and public debt in the financial system on August 3, 2010. He was Chairman of the Trustees of the IFRS Foundation & International Financial Reporting Standards. He was Italian Minister of Economy and Finance (2006-08) and Chairman of the Ministerial Committee of the International Monetary Fund (IMFC, 2007-2008).
He was a former Chairman of the Trustees of the IASC Foundation (International Accounting Standard Committee, 2005-2006). In 1998-2005 he was member of the first Executive Board of the European Central Bank. Previously he was Chairman of Commissione Nazionale per le Società e la Borsa (CONSOB, 1997-98), Deputy Director General of the Banca d'Italia (1984-97) and Director General for Economic and Financial Affairs at the Commission of the European Communities (1979-83).
He has been Joint Secretary to the Delors Committee (1988-89), Chairman of the Banking Advisory Committee of the EC (1988-91) , Chairman of the Basle Committee on Banking Supervision (1993-97) and Chairman of the Committee on Payment and Settlement Systems (2000-05).
He graduated from the Luigi Bocconi University and has a M.Sc. from the Massachusetts Institute of Technology.
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