Today European Commission President, Jean-Claude Juncker, set out practical steps to strengthen the democratic legitimacy of the euro, when he addressed the European Parliament on the future of Economic and Monetary Union.
“The euro is a political project,” said President Juncker, “and that means it requires political supervision and democratic accountability.” President Juncker underlined the European Parliament’s growing role in economic and financial governance, not least the economic dialogues that the Parliament regularly organises with Member States, the Commission, the Eurogroup and the European Central Bank.
One of the Parliament’s next tasks is to examine the Commission’s recent proposal for a European Deposit Insurance Scheme: “What could be more urgent than protecting the savings of our citizens and reinforcing their trust in the banking system?” asked President Juncker. The President concluded with a number of proposals to strengthen cooperation between Commission and Parliament, including the idea that Commission would seek Parliament’s views on the Annual Growth Survey before publishing it.
