Towards a new civilization

The 5-year-long European crisis has caused a slowdown at global level, with serious repercussions on poor countries with the risk of furthering protectionism whose domino effect we’re all familiar with. Thus we should quickly exit from the crisis and acknowledge its true causes in order to identify the changes needed to implement a regeneration. For Michel Camdessus, former Managing Director of the International Monetary Fund (IMF) the crisis is mostly an ethical crisis, with three different causes, namely: "a serious cyclical crisis; the collapse of a growth model based on certain values and an unprecedented spiral of mistrust". Ethical void. Speaking at the meeting "Religions and Cultures in Dialogue" promoted by the Community of St. Egidio in Sarajevo (September 9-11), former IMF General Manager cautioned: "the crisis in not only cyclical. We are witnessing a deeper crisis. An economic model has collapsed because Europe neglected its founding values. Europe’s two fundamental pillars, social market economy and participatory economy, are staggering. This is why I say that the European crisis is basically a crisis in ethical values". Member states, European institutions and civil societies "have let a utilitarian, neoliberal economy, based on ‘more profits, more indebtedness’ for ‘more consumption’ replace a social market economy and its values marked by sound management, freedom, solidarity, justice, international openness, which gradually brought detrimental effects". Camdessus denounced: "the idolatry of money prevailed. Cupidity slowly became politically correct. It wormed its way into collective culture thus creating fertile grounds for financial misuse, reaching the current verge of collapse. This new model thus brought about the ethical void that European economy let itself be dragged into", causing the weakening of social cohesion and the "enervation of democratic spirit, epitomized by low turnout in European elections. Europe wanted to be based on an exemplary democratic participation. However, we have forgotten all about that yearning, and given the impossibility of creating a Europe of citizens, capable of promoting an overarching and insightful economic, social and political project, we now place on its institutions the burden of decisions that no official – however skilled and good-willed – can assume alone". Exiting from the crisis. A "major joint effort" to address equally momentous challenges is required of all European citizens. Camdessus highlighted, inter alia, "youth unemployment; the costs of environmental protection; world poverty; debt dependence". Unfortunately European "ageing societies" marked by "over-indebtedness" are overcome by "doubts that fuel the spiral of mistrust" thus delaying the exit from the crisis and fostering negative repercussions". In order to interrupt this cycle the former IMF Manager proposes "the development of a credible strategy, including the adoption of related measures and appeals to sacrifices on the part of all citizens". The crisis as an opportunity. "This crisis – he added – can also become an opportunity, as it presents us with the need to establish a more just and sustainable economy, preventing us from putting up with the means for mere survival. Accepting this change could lead us towards a new European and world civilization". The price to pay is "everyone’s sacrifice, starting with affluent citizens. Everyone except the underdog, should pay the price that should be accepted by the public opinion provided that men and women occupying leading positions will clearly show us the horizon that must inspire our actions beyond our local preoccupations". The difficult paths of recovery and regeneration aren’t those "leading to incessant monetary manipulation, Instead ,they consist in the reform of the financial sector; in adapting pension schemes to ageing population trends; health reforms as well as job and job market reorganization aimed at boosting employment rates".Source of peace. All efforts are "in vain" unless they are accompanied by similar efforts aimed at "rebuilding our founding values system, recovering solidarity at national and international level". Europe, Camdessus pointed out, "cannot escape the temptation of self-closure unless it recovers its roots with an ethics marked by a sense of fraternity towards the rest of the world". It would suffice to fulfil the pledges "ratified by our Countries, some of which passed unnoticed or remained a dead letter". These include "granting humane welcome to foreign workers and refugees; keeping our promises; working towards the establishment of world governance to the service of long-lasting human development". These efforts "should be made for our children and for Europe, that must be defended from detrimental solutions based on convenience. At a time when the world is searching its 21st century structures, a solid Europe is an important point of reference. And unquestionably, it’s also a source of peace".