What kind of Monetary Union does Europe need?
The European Movement International held a stakeholders’ debate following the Inter-parliamentary Conference on Stability, Economic Coordination and Governance in the European Union and the most recent developments in the field. The event focused on the two major themes:
Political, Economic & Social Dimension of the EMU
exploring the institutional perspective – where the Council, European Parliament and Commission stand on EMU proposals on the table;
Building the Foundations for the Future of the EMU
bringing together experts who can offer a vision – beyond politics and institutional agenda-setting – on how the EMU should work going forward.
The European Movement International has been closely monitoring the deepening and strengthening of the Economic and Monetary Union, and promoting the development of the EU’s own resources.
We welcomed the reform proposals to complete the Economic and Monetary Union, as laid out in the “Five Presidents Report”.
However, while the report did present a wide range of reform measures, the European Movement notes the lack of concrete plans for risk-sharing or a fiscal capacity based on own resources. The current economic recession has made it clear that we cannot have a strong single currency without a political union, including a common economic policy and increased budgetary and fiscal coordination, which will foster economic convergence among Member States.
To read the full European Movement International Policy Position click here.
- European Movement Background Briefing on the EMU
- The Five Presidents Report
- European Parliament Report on “the review of the economic governance framework: stocktaking and challenges”, Rapporteur: Pervenche Berès MEP
- Bruegel Policy Brief – “Euro-area governance: what to reform and how to do it” by André Sapir and Guntram B.Wolff
- EPC Publication – “Can the eurozone’s economic governance combine political accountability, legitimacy and effectiveness?” by Fabian Zuleeg
- Centre for European Reform’s Assessment of “The eurozone’s ‘five presidents’ report” by Christian Odendahl