The European Economic and Social Committee has called on EU leaders in a recently adopted opinion to step up efforts to strengthen the international role of the euro, on the eve of the Euro Summit taking place on Friday, 21 June in Brussels. It underlines that this would be desirable, but also necessary, as a strong euro would contribute to the wellbeing of EU citizens and businesses, uphold common values and promote common interests.
The European Semester should be based on the principles of partnership and multilevel governance modelled on the partnership agreements existing in cohesion policy, as this bottom-up approach will contribute to more clarity, legitimacy and ownership at implementing level. This was one of the main messages of a hearing held by the European Economic and Social Committee on 11 June.
Building up a more sustainable and resilient European economy and completing Economic and Monetary Union should be priorities for the next European Commission and European Parliament: these points emerged from a public hearing held by the European Economic and Social Committee on 12 April 2019.
The euro ranks second in the world as a reserve currency and as a currency used for fixed income securities issues and international trade transactions. However, its use internationally has yet to return to levels before the financial crisis, and its future role in the international monetary system is tied to the economic prospects of the euro area.