At the European Council meeting at the end of June, the Presidents of the European Commission, European Council, European Central Bank and Eurogroup are expected to present a report on the future of the Economic and Monetary Union. In preparation of the report, at the meeting of the European Council on 12 February 2015, the President of the European Commission Jean-Claude Juncker presented an Analytical Note – Preparing for next steps on better economic governance in the Euro area, with a list of topical questions on how to strengthen and deepen the Economic and Monetary Union. The answers that member states will give to those questions are crucial for the future of the Euro.
The European Federalists have prepared their answers to Mr Juncker’s questions and are asking Members of the European Parliament and national parliaments to pledge their support.
The European Federalists believe that the current governance framework of the Economic and Monetary Union is clearly not sufficient to make the euro area shock resilient and prosperous in the long run. Stronger institutions are required. They should have the powers to ensure that each Member State achieves a sustainable debt and a competitive economy. More economic and political integration should be the basis for a European economic policy that promotes economic growth. The euro area should develop beyond coordination of national economic policies, towards a European economic policy. Deeper economic and fiscal integration should include adequate forms of European taxation and new forms of European debt instruments to gather resources to promote a proactive European economic and social policy and jointly build solidarity and competitiveness. Strong democratic participation and accountability should accompany any further development of the euro area. In particular, the European Parliament should be involved in the development and monitoring of economic and fiscal measure related to the monetary union.