Euro area external representation

17 Mar 2016
Adopted References: ECO/392 EESC-2015-05877-00-00-ac-tra Referral - Rapporteur: Petr ZAHRADNIK (Employers - GR I / Czech Republic) Plenary Session: 515 - 16 Mar 2016 - 17 Mar 2016 (Summary Plenary Session) OJ C 177 of 18.05.2016, p.16
COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL AND THE EUROPEAN CENTRAL BANK A roadmap for moving towards a more consistent external representation of the euro area in international fora and Proposal for a COUNCIL DECISION laying down measures in view of progressively establishing unified representation of the euro area in the International Monetary Fund

EESC opinion: Euro area external representation

 

Key points:

  • The euro area needs to step up its external representation. This will strengthen its relative weight in international financial institutions and give it a more prominent position in international financial markets.
  • The EESC endorses the rationale behind the two Commission documents and also agrees with making strengthening the euro area's external representation in the International Monetary Fund (IMF) the priority.
  • At the same time, however, the EESC proposes that the European Commission also draft scenarios for making stronger and more effective the links with other relevant international bodies, taking particular account of their remits.
  • The EESC broadly agrees with the ultimate goal of a single chair at the IMF by 2025. On this point the EESC also recommends clearly and explicitly defining the roles of euro area external representation and their dovetailing with those of the EU as a whole, with a view to preserving the integrity of the single market.
  • The EESC agrees with the main elements of the three-phase scenario to gain a single chair at the IMF. However, the corresponding political pressure must be marshalled to secure the timely fulfilment of obligations and commitments stemming from this for the Member States.
  • The EESC anticipates that the proposed procedure will result in better and deeper coordination between Member States in the area of economic policy and its external dimensions and expects a corresponding coordination on this between the relevant EU institutions and bodies, also ensuring the utmost transparency.
  • The EESC recommends including an economic analysis and a brief statement on the expected benefits and impact following its implementation

 

Related links

External Representation of the Euro Area (European Parliament Think Tank)

A Deeper and Fairer Economic and Monetary Union (European Commission)