Declaration of the Spinelli Group on the future of the EMU

 

Today the Presidents of the Commission, European Council, Parliament, ECB and Eurogroup have published their proposals to reform the Economic and Monetary Union (EMU). They have solicited contributions from the institutions and the Member States. Just a few of them had been published in advance, excluding the European citizens from the debate on the future of their Union.

The Spinelli Group appreciates the choice of the Member States that published their contributions, or made its main contents known to the public. We welcome the fact that administrations of different political colours, such as the governments of Belgium, Greece, Italy, Portugal, Spain have asked for a bold deepening of the EMU.

We welcome the 5 Presidents proposal for a clearer and swifter oadmap and timetable to reach the banking, fiscal, economic and political unions within this legislature, as envisaged in the December 2012 Four Presidents Report Towards a Genuine Economic and Monetary Union. It is essential not to try to fit reality around individual Member States' constraints but rather to adapt these constraints according to the current reality.

Nothing less than the completion of the EMU will structurally lift Europe out of the crisis. The intergovernmental method has failed. The crisis has shown the ineffectiveness of mere coordination of national economic and fiscal policies and the paralysis produced by unanimity. Member States have now more budgetary constraints than in fully-fledged federal systems, without benefitting from a federal budget and federal policies. In fact, Europe is muddling through the crisis. The completion of the banking, fiscal, economic and political unions are necessary to put the Union on the path of stable and sustainable economic and social progress. Differentiated integration can accommodate the deepening of the Eurozone. At the same time, differentiated integration must remain open to non-Euro Member States, safeguard the Euro as the European Union's currency and the European Union's institutions as the valid actors, while avoiding inter-governmental approaches and new institutions. Differentiated integration could also accommodate the desire of some Member States to not integrate any further, without giving them a veto power over the needs of European citizens.

Now is the time to decide the future of the European Union and of the EMU.

 

Mercedes Bresso, Elmar Brok, Isabelle Durant, Sylvie Goulard, Danuta Hubner, Jo Leinen, Ulrike Lunacek, Guy Verhofstadt.

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