Brussels, 08/05/2014 (Agence Europe) - The European Central Bank (ECB) is calling for a change to the treaties to introduce stronger surveillance rules and confer greater legitimacy on economic and monetary union (EMU).
“In the longer term, it seems appropriate to reflect on the limits of the current framework in which we are evolving. A Treaty change could enlarge our horizon of possibilities”, said Yves Mersch, a member of the ECB management board, at a conference in Luxembourg on Monday 5 May, organised by the Association Européenne du Droit Bancaire.
Mersch stated: “There are a number of possible options to enhance effectiveness and legitimacy of decision-making in the euro area. For example, a permanent Eurogroup President as the nucleus for a euro area finance ministry with proper analytical capacity and more autonomous decision-making powers could be a step in the right direction. This could be accompanied by stronger accountability towards the European Parliament, in particular for the implementation of the governance framework, for example in a euro-area sub-committee of the European Parliament”.
The ECB says that the eurozone “centre” could be given veto rights over national budgets that violate the European rules. Mersch added: “The framework for policy coordination should be made more stringent and enforceable at European level. At the same time, due attention should be paid to fostering national ownership of the necessary reforms”. (MB)