EU Commission working on strengthening monetary union

The EU Commission on Wednesday presented proposals for enhancing the democratisation of the monetary union. They include the establishment of a European Monetary Fund to help member states in need and the creation of a European Minister of Economy and Finance, who however would not have his own budget. Are too many or too few powers being transferred to Brussels?

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Die Presse (AT) / 07 December 2017

Finance minister without a ministry

Why would the Eurozone need a finance minister who can't act as such, Die Presse wonders:

“Everyone knows that the Eurozone needs to be better managed to avoid problems. But what good is a treasurer without treasure? A finance minister who doesn't receive any tax revenues and has nothing to share out? All these questions will arise with the creation of this office. People will expect an answer as to whether he or she is just the coordinator of the Eurogroup and contact person to the Commission or whether this is the foundation for a European financial adjustment process. The term 'Euro finance minister' is a con unless he or she performs all these tasks.”

Bild (DE) / 06 December 2017

Eurocrats becoming too powerful

Bild is not at all happy with the reform plans:

“A European monetary fund under the control of Brussels Eurocrats? We might as well say lights out then. All too often the EU Commission has looked the other way when countries infringed debt rules. A special fund with billions of euros for ailing euro countries? That would mark the start of European mutualisation of debt. An all-powerful Euro finance minister? A utopia! The German parliament must take responsibility for taxes and the budget - even the Federal Constitutional Court says so. The euro countries would do well to reject such a St. Nicholas' Day surprise.”

L'Echo (BE) / 07 December 2017

EU member states must work together now

The member states must stop bickering and agree to the proposed compromise as quickly as possible, L'Echo warns:

“The main thing is that the member states don't interrupt the current dynamic. Although the European executive has displayed caution by scrapping risky proposals such as a common mechanism for unemployment insurance, its initiative still isn't supported by all EU member states. ... Everyone agrees that it is imperative to consolidate the Eurozone. The Commission has presented proposals for making it more democratic and increasing solidarity among states. Now the member states must support this initiative in order to dispel once and for all fears that the monetary union could collapse when the next crisis comes along.”

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