ECB: Hearing at the Committee on Economic and Monetary Affairs of the European Parliament

Så er ECB's chef Draghi officielt ude med hvor han ser EU skal bevæge sig hen, og ikke overraskende er han på linie med skurken Van Rompuy. First, a financial market union that elevates responsibility for supervision of banks to the euro area level. Second, a fiscal union that reinforces oversight of budgetary policies at the euro area level and also provides some fiscal capacity to support the functioning of the currency area. Third, an economic union with sufficient mechanisms to ensure that countries can achieve sustained prosperity without excessive imbalances. And finally a political union that strengthens the legitimacy of EMU among euro area citizens and deepens its political foundations. These four building blocks are mutually consistent and coherent, and should be pursued in parallel. I am looking forward to the work on a roadmap that has started. In my view, three issues deserve particular attention: First, we need to move towards a further sharing of sovereignty in the fiscal, financial and economic domains. There can be no shortcuts in establishing a sound and stable EMU. Second, EMU is an integral part of the Treaty. This calls on all relevant bodies and actors to engage constructively on improving its functioning, not only at Union but also at national level. To call for an impeccable application of the Treaty and at the same time refuse closer union mentioned in Article 1 of the Treaty is inconsistent, to say the least. Third, we need to accompany deeper euro area integration with significant progress on democratic legitimacy and accountability. There is no doubt that you and your colleagues – the members of the European Parliament, the directly elected representatives of the citizens of Europe – will continue to play a central role in the steps towards political union.