As a result the protectionist threat is before us

The real root of the crisis, this is not the finance, the inequalities between countries and within countries. "This sentence, pronounced by Mario Monti, Sunday 5 July, at the meetings of the circle of economists in Aix-en-Provence, seemed put the choses in good order. Finance is the outgrowth of capitalism, is rightly given the importance, but it is mistake to believe that the "regulate", the rein, will solve the crisis. The former European Commissioner, now President of the University Bocconi of Milan, tells us his vision of the world in crisis.

"I always thought that one day would come that jeopardise the globalization," he said. It disrupts so much social distribution in developed countries, so strongly weighs on wages and the lowest incomes, that peoples will eventually rise to protectionist measures. "However, continues to Mario Monti, is not it happened.". The crisis came from the most advanced point of capitalism, the American finance. "Where the sub-prime, losses cascade, bailouts and Bank healthy always step found.

Quoting Jacques Attali, was told that it is not so surprising that it. This is because the median wages stagnate in the United States that households are forced to go into debt to acquire a dwelling and to consume. "Sub-prime" have been invented specifically to overcome the stagnation of income.

Mario Monti continued: "inequality will return to the centre of economic and political issues."Seen already in the G8 - G20: the emerging countries want to have their say. Seen especially in each country around the debates on the remuneration of managers or the frustrations of the middle classes. For Professor Monti: he must find a solution to restore a legitimate redistribution of the produced wealth, "so the credibility of the market economy".

Barack Obama focused his campaign on the fate of the middle classes. His first response is to install a protection health for all Americans (35 million of them have no social cover). But to rehabilitate the redistribution by the State, it must find revenue. Just to get way is to tax companies and citizens the most rich but must be able to do. Globalization is accompanied by a large fiscal dilemma: the rich are more mobile, they find to be abroad and to escape the tax. Mario Monti concluded its reasoning: a global coordination is essential that stops the tax competition and that States may find the budgetary means to social redistribution.

"At least it should do so in Europe!", said former Commissioner in Brussels. But Britain and the new Eastern members oppose any coordination of taxation fearing it would lead to tax increases. Playing of comparative advantage, they hope attract capital and low taxing investors. This dumping is deadly, warns Mario Monti, he led Europe to promote the capital against labour. Then it grows the other members, France and Germany in mind, to be "using other means to achieve their goals." These means are taking on the single market, the sabotage, shots of subsidies to delay restructuring or shots of delaying enforcement of the directives. This political divergence within the Union on the goal of a social market economy, causes "decay": Europe does have social redistribution by the continental countries nor the market by the Liberals.

The crisis was to be the opportunity of everything on the table. The anglo-saxon model has taken the lead in the wing, the France and the Germany should compromise: "Yes" to the integrated market on the condition of a "Yes" to the tax coordination. But Europe seems to have released. It is prohibited to seek a policy of reducing inequalities as a whole. The compromise seems to be a fortiori even more difficult in the world-wide. As a result: the protectionist threat is before us.