A further EU of Member States, a Europe of the Regions, or a Multi-level EU? :



 

A further EU of Member States, a Europe of the Regions, or a Multi-level EU?
As Andrew Rettman (euobserver) reported on 6 March 2018, Finance ministers from Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, the Netherlands and Sweden have underlined their shared views in the discussion on the architecture of the European Monetary Union (EMU) through a joint paper published on 5 March. They stated that EU should avoid "far-reaching transfers of competence to the European level" as it sought to "regain public trust" in the wake of the financial crisis. "Decision making should remain firmly in the hands of member states" on issues such as the use of the European Stability Mechanism (ESM), a bailout fund, or the creation of a European Monetary Fund (EMF) to handle future bailouts. The strength of the Euro depends, above all, on "decisive actions at the national level" to comply with EU rules on debt and budgets, and these national actions "should have priority over far-reaching proposals", they said.
This joint declaration comes after a German coalition deal announced on 4 March, which clears the way for negotiations on Euro area reform. France, last year, called for "far-reaching" changes that would give EU institutions more power over the single currency, creating what French president Emmanuel Macron called a "multispeed" Europe. These included a joint Eurozone budget overseen by the European Parliament and a common Finance Ministry in the EU Council in Brussels. German chancellor Angela Merkel agreed a less radical agenda in preliminary talks with the coalition partners, though did not back Macron on a Eurozone budget, but did go further than the northern group, saying that the future EMF should be a fully-fledged EU institution under EU parliament control instead of an intergovernmental body.
The euro reform talks were triggered by Brexit, with EU leaders to return to the subject at a summit in March - one year before the UK leaves the bloc.
Read more in euobserverhttps://euobserver.com/uk-referendum/141215 
Click here for the joint paper by finance ministers from Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, the Netherlands and Sweden

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