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PLACEHOLDER Future of Europe Deepening the Economic and Monetary Union The publication of the European Com- rency and foster economic growth. mission reflection paper on the deep- Several proposals have been put on the ening of the Economic and Monetary table over the years, the latest being Union (EMU) is an opportunity to pro- the ‘Five Presidents’ Report’ Complet- pose bold and innovative solutions ing Europe’s Economic and Monetary that will strengthen the common cur- Union, which proposed a two-stage rency, and build the necessary public process. The Commission undertook support and political commitment to actions to implement the ‘first stage’ move forward. measures, such as strengthened external euro area representation and a Moving urgently from crisis response to structural reforms ‘revamped’ European Semester, while The push for deepening the EMU a White Paper on more far-reaching needs to come from all sides. Based second stage measures was expected on the inter-institutional Five Presi- It has been almost a decade since in spring 2017. However, as the reflec- dents’ Report, the Presidents should the economic and financial crisis tion process on the future of the EU27 compel their respective institutions to exposed structural shortcomings has taken centre stage the EMU White move forward on the first stage pro- in the setup of the Economic and Paper has been put on hold. Instead, posals and push for the drafting of Monetary Union. Intergovernmental a ‘reflection paper on the deepening the second stage White Paper. The Eu- solutions to the crisis such as the Euro- of the EMU’ has been planned, which ropean Parliament and the European pean Financial Stability Facility and the might not include the concrete steps Commission should urge Member European Stability Mechanism offered foreseen in the EMU White Paper. States to take concrete action based initial assistance. Proposals to further on their respective proposals for the strengthen the EMU led notably to The hesitation of the European Un- deepening of the EMU. The aim must the European Semester cycle of policy ion when it comes to taking con- be to take joint steps towards a coordination, the ‘six-pack’ legisla- crete steps forward on EMU reform deeper Economic and Monetary Un- tion strengthening the Stability and has to end. The Economic and Mon- ion. This means that all Member States Growth Pact, the Fiscal Compact on etary Union, as a core pillar of the need to be on board going forward, as balanced national budgets, as well as European Union, is in urgent need of the goal is for all Member States to the ‘two-pack’ legislation strengthen- strengthening. The current approach, eventually join the Eurozone. A joint ing the monitoring of Member States’ with limited means of enforcement, Franco-German proposal after the fiscal policies. Furthermore, concrete is insufficient in addressing the differ- French and German elections could steps were taken towards a Banking ences between Member States’ levels provide a new impetus and establish Union with the implementation of a of economic development or the dis- a concrete basis for discussions in Single Supervisory Mechanism and crepancy between the common mon- the Council, also taking into account the Single Resolution Mechanism, and etary policy and national policies. Fur- recent proposals for further integra- discussions on a European Deposit In- thermore, the integration of the crisis tion from Spain, Italy, and others. The surance Scheme are underway. response mechanisms in the EU legal fear of a ‘multi-speed Europe’, held by framework is long overdue, and there some non-Eurozone Member States, It is a widely shared view that the is a clear tension between the current is unwarranted if they engage with the Economic Union opaque system of decision-making process of deepening the EMU in or- needs further structural improve- and democratic and accountable deci- der to include their vision in the next ments to guarantee a stable cur- sion-making. steps. and Monetary Building blocks to deepen the Economic and Monetary Union should be co-legislator on all EMU sources as a source of financing the issues. To this end, the European Par- Eurozone budget. liament Committee on Economic and A legitimate and accountable Euro- Monetary Affairs should be strength- This fiscal capacity could take the form pean Economic Governance needs ened with special information rights of a European Unemployment Ben- a clearer and more democratic de- and The efits Scheme as a stabilisation and cision-making structure. To this end, complete European Parliament should solidarity mechanism. A genuine Eu- intergovernmental solutions be fully involved in the development ropean Unemployment Insurance Sys- need to be fully integrated into the EU and monitoring of economic and fis- tem with substantial harmonisation legal framework, and subject to scru- cal policies and the appointment and could introduce a stabilisation func- tiny by the European Parliament. dismissal of the Eurozone Finance tion as well as a direct link between Minister, as the idea is that all Mem- the EU and citizens and support the ber States will eventually join the development of the European Pillar of euro. The role of national parliaments Social Rights. crisis scrutiny responsibilities. can be strengthened to allow them a greater role in scrutinizing the deci- Eurobonds could provide another sions of their national governments form of risk sharing. The common on EMU issues. issuance of debt in the form of Eurobonds could increase financial and A fiscal capacity should be created monetary stability and reduce conta- to provide a stabilisation function gion between sovereign states and the for the Eurozone. An automatic sta- banking system. Their design should Clearer decision-making also war- biliser or ‘Eurozone budget’ could balance stabilisation and moral haz- rants the appointment of a Euro- mitigate asymmetric macro-economic ard by enforcing budgetary discipline zone Finance Minister with stronger shocks in the Eurozone. It could fur- through better common economic executive powers, who would as- ther promote much-needed structural governance. sume the functions of Eurogroup chair reforms, increase economic conver- and Commission Vice President for gence, and offer room for Member The Economic and Monetary Union Economic and Monetary Affairs, be States to invest during recessions. A should become more social and fo- the internal and external representa- Eurozone budget could be realised in cus on upward convergence. The tive of the Eurozone, supervise Mem- different forms, as shown by recent social dimension should be streamed ber States’ budget policies, coordinate proposals from Member States, aca- into current processes such as the Eu- economic and fiscal policies, manage a demics and institutions. Any form of ropean Semester as soon as possible. new Eurozone budget, and handle cri- fiscal capacity should be subject to Furthermore, a binding convergence sis situations. the control of the European Parlia- code as proposed by the European ment and be managed by the Euro- Parliament To strengthen democratic account- zone Finance Minister. Furthermore, whose converging targets should also ability, the European Parliament priority should be given to own re- focus on labour markets, labour mobil- should To see this and other European Movement International policies, please take a look at our website: www.europeanmovement.eu/policies be introduced, ity, taxation, social cohesion and other ments towards a sustainable and just social aspects. Moreover, a ‘silver rule’ tax system. The free movement of for public social investment should people, products, services and capital be introduced to incentivise public in- is another important European value vestment by the Member States and that should underlie its economic poli- remove limitations in the current gov- cies. The European Movement seeks to provide a platform to ernance framework for specific areas ing a governance structure on social Moving forward The European Movement Interna- stakeholders in the development issues into EMU governance would tional welcomes a Europe-wide de- of European solutions to our com- support and guide Eurozone states on bate on the future of Europe and the mon challenges. We offer thought the basis of common agreed stand- EMU where all stakeholders can share leadership on the issues that af- ards, while leaving Member States their views and citizens have the op- fect Europe and we give the op- room for decisions on their specific portunity to actively engage in the portunity to representatives from social policies. discussions. If coupled with concrete European associations, political venues for dialogue and participation, parties, enterprises, trade unions, The EMU should support a Euro- the reflection paper on the deepening NGOs and other stakeholders, pean economy that is modern, sus- of the EMU might achieve a real de- through our 39 National Councils tainable, socially just and globally bate on the steps forward. At the same and 34 International Associations, competitive. It should encourage a time, it cannot be an excuse to post- to work together, towards improv- circular economy and responsible con- pone much-needed reform. Work on ing the way that Europe works. sumption. Structural improvements to existing proposals and the necessary the EMU should not only make the Eu- public and political support should rozone more robust in the event of fu- go ahead as foreseen, and an expert ture shocks, but also support related group to write the White Paper on sec- policies such as the European Pillar ond-stage EMU reform as foreseen in for Social Rights, the implementation the Five Presidents’ Report should be of the Paris Agreement, and develop- convened as soon as possible. of social investment with substantial economic and social returns. Integrat- European Movement International www.europeanmovement.eu Rue Marie-Thérèse 21 B-1000 Brussels T +32 (0)2 508 30-88 [email protected] @EMInternational encourage and facilitate the active participation of citizens and