The Member States must urgently work on a stable, prosperous and more resilient EMU. Therefore, further measures at national and EU level are needed: this is one of the main conclusions of a public debate on completing the EMU, recently hosted by the EESC.
Economic experts and institutional and civil society representatives agreed that current challenges and the lessons learned from past crises showed a clear need to reform and complete the EMU, whilst current EU-wide economic recovery and increasing civic support for the euro provided an excellent opportunity to do so.
The participants in the debate saw a particular need for swift completion of the Banking Union and Capital Markets Union in order to move towards completing the EMU. They urged the Member States and the Commission to ensure the sustainability of future finances and to strike the right balance between responsibility and solidarity in future decisions on the EMU.
Four accelerators that could be used at EU level in order to maximise the effects of domestic structural reforms were presented: a common euro area macroeconomic strategy to deal with asymmetric shocks, a joint approach to financing investment and innovation at microeconomic level, a euro area budget to finance certain European public goods, and a more effective and accountable institutional framework giving the euro area, for example, a finance minister.
The EESC rapporteurs, Mihai Ivaşcu (Various Interests) and Stefano Palmieri (Workers), will include the findings of the debate in an opinion on the Commission's EMU package, which will be put to the vote this April. (jk)