On Tuesday 13 June, the pro-European political groups that have a majority at the European Parliament expressed their approval of the launch of a reflection exercise into deepening the Economic and Monetary Union (EMU) on the basis of a specific document that the European Commission presented at the beginning of June (see EUROPE 11799).
Françoise Grossetête (EPP, France) said that “the political stars are now aligned” and it is time to move forward to consolidate the Eurozone. She was of the opinion that “Everything should be put on the table” and mentioned three principles to respect for deepening the EMU: the return of “confidence” between member states; “responsibility which is in fact its corollary” and the fact that Eurozone member states should make a commitment to converging their economies by way of a “convergence code”; “Solidarity” so that the 19 member states in the zone “Can draw closer in the event of a hard blow being delivered” but without falling into a budgetary “transfers union”.
Speaking on behalf of the S&D, Udo Bullmann from Germany, said that the EMU needed more investment and better economic coordination. He called for “binding targets” for socio-economic convergence (e.g. fight against youth unemployment) as part of the European Semester budgetary process on the same terms as the budget rules included in the Stability and Growth Pact.
Spanish Liberal, Ramon Tremosa, called for European legislation to be respected, particularly in the financial sector.
The co-president of the Greens/EFA group, Philippe Lamberts, from Belgium warned that, “There can be no monetary union without powerful private or public financial redistribution”. He attacked the lack of vision displayed by European leaders for moving forward to consolidate the Eurozone. He appealed for an EMU based on “strong principles of solidarity and shared responsibility” backed up by banking, tax, social and democratic unions. He warned that if this was not forthcoming, “the EU is doomed to disappear”. (Original version in French by Mathieu Bion)