In an opinion adopted on Wednesday 17 July on the deepening of the Economic and Monetary Union (EMU), the European Economic and Social Committee (EESC) called for the creation of a stabilisation function as part of the future budgetary capacity for the euro area.
This opinion echoes the discussions currently under way in the Eurogroup on the different aspects of the deepening of EMU (see EUROPE 12290/14).
While it has now been noted that budgetary capacity for the euro area will be established (see EUROPE 12275/1), the Finance Ministers are not currently considering including a 'stabilisation' component, despite the Commission's wishes. This was due to the opposition of several delegations from Northern Europe, in particular the Netherlands.
“The establishment of a sufficiently large fiscal capacity at euro area level so as to provide stabilisation in the event of shocks would be the most desirable option, which, however, for the moment appears to have stalled”, the opinion states.
The document also recommends balancing supply and demand measures, completing the Banking Union and the Capital Markets Union and introducing minimum social standards in the Member States. (Original version in French by Lucas Tripoteau)