Podcast Summary: Why 2009 is a Crucial Year for Europe

LSE: Public lectures and events, LSE European Institute’s Future of Europe Lecture Series
Speaker: Bruno Le Maire, French Minister of State for European Affairs
Date: February 5, 2009
Host: LSE Film and Audio Team

Episode Overview

This episode features Bruno Le Maire, then France’s Minister for European Affairs, delivering a public lecture at the LSE on why 2009 stands as a pivotal year for Europe. Set against the global financial crisis, Le Maire’s address covers the urgent economic and political challenges facing the EU, the necessity for intra-European solidarity, reform, and global coordination, as well as France’s vision for the future of European integration, security, and enlargement. The talk is followed by a robust Q&A with the audience.

Key Discussion Points and Insights

1. Setting the Stage: Europe at a Turning Point

• Bruno Le Maire opens with humor about languages and the value of institutions like the LSE and the need for fresh economic thinking ([04:10]–[05:41]).
• Emphasizes the renewed partnership and trust between France and the UK since 2008.
• Stresses that 2009 marks a “crucial turning point” economically and geopolitically.
• Major outstanding questions for Europe: managing the crisis, building a new financial order, responding to China, US, Iran, and Middle Eastern peace efforts ([05:41]–[07:40]).

2. The Economic Crisis – Europe’s Greatest Test

• Le Maire describes the scale: “Europe has been facing its strongest recession since 1945.” ([08:26])
• Highlights unemployment spikes, especially in Spain, and imminent risks of social unrest.
• Warns against protectionism, citing dangers to “global trade, free movement of capital, the end of poverty for millions…” ([11:22]).
  • Quotes Shakespeare: “Time is out of joint.” ([08:59])
• Makes a vital distinction:
  • Some defensive, temporary national measures may be necessary, but outright protectionism is disastrous and must be avoided.
  • Calls for strong, coordinated European and global responses: “When the house is on fire, there is no time for complacency.” ([13:46])
• Calls Franco-British cooperation, EU-wide coordination, and solidarity the only responsible path forward.

3. The Need for Regulation and Reform

• Strongly advocates for international regulatory overhaul:
  • “Self-regulation does not work… We need transparency, responsibility and accountability.” ([17:45])
  • No taboo on topics such as bankers’ salaries, tax havens, hedge funds, or accounting rules.
• Highlights the upcoming (April 2009) London G20 summit as a moment for Europe to show unity and leadership ([17:45]).

4. Political and Geopolitical Roles for the EU

• Europe must simultaneously handle economic rescue and international security challenges.
• Recent EU achievements:
  • Mediation in Georgia, military operations in Chad, presence in Gaza, anti-piracy off Somalia ([19:23]–[21:01]).
• On defense:
  • EU is now a “fully fledged organization,” not just a financial backer.
  • Calls for complementarity between EU defense efforts and NATO, not competition ([22:04]).
  • France considers full reintegration into NATO’s military command, expecting stronger EU-NATO cooperation.
• On enlargement and Europe’s “attractiveness”:
  • The Balkans are the next region eligible for EU membership, but future expansion requires institutional reform (Lisbon Treaty).
  • The Union for the Mediterranean offers a platform for neighbors, but is “not a way of putting aside Turkey.” ([28:00])

5. Values, Instruments, and the Challenge of Unity

• Returns to Shakespeare: “Something is rotten in the state of this world.” ([25:46])
• Expresses strong conviction that Europe, if united, can meet the challenge, with France and Britain as special leaders.

Notable Quotes & Memorable Moments

• On economic recovery and cooperation:
  • “When the house is on fire, there is no time for complacency.” – Bruno Le Maire ([13:46])
  • “Coordination is a difficult but vital task for all our country.” – Bruno Le Maire ([18:05])
• On financial reform:
  • “Self regulation does not work. We need transparency, responsibility and accountability.” – Bruno Le Maire ([17:45])
• On EU’s roles in crises:
  • “Time is over when the EU was only a backup organization invited to pay the bills to donor conferences.” – Bruno Le Maire ([20:15])
• On enlargement & Turkey:
  • “This is not a way of putting aside Turkey. This is a way of associating all those countries to the development of the EU.” – Bruno Le Maire ([28:00])
• On protectionism versus defensive measures:
  • “The difference is very hard to see and very hard to draw, but this is the difference between protectionism as such and defending our industry.” – Bruno Le Maire ([54:21])
• On Europe as a solution:
  • “Europe is a solution to the crisis. And Europe has its own attractiveness and will remain very attractive for many countries which are just at the border of Europe.” – Bruno Le Maire ([43:11])
• On institutions and unity:
  • “The big states have big responsibilities. That's so simple like that.” – Bruno Le Maire ([67:44])

Q&A Segment Breakdown

On Union for the Mediterranean and Turkey ([27:35]–[30:28])

• Q: Is the Union for the Mediterranean a fair offer to Turkey?
• A: Le Maire insists it's fair, and not a substitute for Turkish EU membership, but a platform for joint projects involving all Mediterranean neighbors ([28:00]).

On France rejoining NATO and Russia ([30:35]–[36:08])

• Q: Will France’s NATO return deepen splits over Russia?
• A: Le Maire reassures the aim is EU unity and stronger European voice in NATO, not splitting over Russia ([33:30]).

On Political Shifts in the EU ([36:17]–[38:43])

• Q: Would a parliamentary majority change affect policy?
• A: Policies need cooperation, regardless of political leanings ([36:56]).

On Stability of the Euro ([38:51]–[41:31])

• Q: Is the euro at risk?
• A: “Euro is a very stable currency and will remain a very stable currency in the coming weeks, in the coming months and in the coming years.” ([40:12])

On EU Integration’s Opportunity Costs ([42:03]–[44:33])

• Q: Are there downsides?
• A: Le Maire sees only positives, referencing successes in new member states and quoting Voltaire ([43:33]).

On Infrastructure Investment ([45:26]–[47:59])

• Q: Is there a pan-European infrastructure investment strategy?
• A: The need is recognized, but EU budget constraints hamper unified investment; Le Maire advocates for larger EU budget in future ([46:13]).

On Defining Protectionism ([47:59]–[54:21])

• Q: Can limited defensive measures avoid true protectionism?
• A: Le Maire stresses balance: supportive, proportionate measures coordinated at the EU-level vs. harmful, unilateral protectionism ([49:17], [53:13]).

On Fiscal Stimulus Coordination ([55:14]–[58:38])

• Q: Can the EU lead on fiscal stimulus?
• A: Fiscal policy remains national; Le Maire calls for more future coordination to ensure fairness and effectiveness ([55:49]).

On Enlargement, Turkey, and Confidence ([58:50]–[64:13])

• Q: On EU enlargement and Turkey’s application.
• A: Supports Balkan enlargement post-Lisbon Treaty but is cautious about Turkey, maintaining that Turkey is not ready for membership ([61:19], [62:55]).

On Leadership and Coordination ([64:33]–[69:53])

• Q: Who are the “crucial actors” for Europe in 2009?
• A: All actors have roles, but “big states” – France, Germany, UK – must lead on financial and economic reform; unity is fundamental ([67:44], [69:38]).

Important Timestamps

• Main address by Bruno Le Maire: [04:10]–[26:22]
• Union for the Mediterranean/Turkey: [27:35]
• NATO, Russia, and Security: [30:35]
• Political dynamics in the EU: [36:17]
• Euro stability: [38:51]
• EU Integration benefits: [42:03]
• Infrastructure investment: [45:26]
• Protectionism vs. defensive measures: [47:59]
• Fiscal stimulus coordination: [55:14]
• EU enlargement and Turkey: [58:50]
• Actors and leadership in the crisis: [64:33]

Conclusion

Bruno Le Maire’s address underscores the existential challenges faced by Europe in 2009, from financial collapse to political unity and global responsibility. He calls for strong EU coordination, robust financial regulation, a renewed Franco-British partnership, and clarity of purpose in both economic and geopolitical spheres. The EU, he insists, must adapt—outward-looking and united—to reclaim credibility. The Q&A displays both the complexity of European integration debates and the pressing anxieties present during the crisis, with Le Maire advocating pragmatism, solidarity, and institutional reform as Europe’s best path forward.