ECB chief proposes “QUANTUM LEAP” in Eurozone governance along federal lines
Brussels, 17th March 2015
ECB CHIEF PROPOSES “QUANTUM LEAP” IN EUROZONE GOVERNANCE
ALONG FEDERAL LINES
The European Federalist Party (EFP) welcomes the proposal made on 16 March by the President of the European Central Bank Mario Draghi on the need to make a “quantum leap in the institutional governance” of the Eurozone in order to “move from a system of rules and guidelines for national economic policy making, to a system of further sovereignty sharing within common institutions”. This statement follows an earlier paper produced with the Presidents of the Commission, European Council and Eurogroup ahead of the 12 February 2015 informal European Council, which questioned whether the present sharing of sovereignty was adequate to manage the Euro.
“The EFP strongly supports a federal approach to European economic governance, as it is the only viable way to ensure an effective and democratically legitimate European policymaking: the euro-crisis showed that a monetary union without a political union does not work” argued Pietro De Matteis, the President of the European Federalist Party.
The Political Programme of the European Federalist Party (section 6) clearly outlines the need for a new governance approach for the EU and the Eurozone based on democratically accountable institutions and an efficient decision-making process. Such a new approach should be underpinned by the management of a European budget funded through own resources and significantly larger than today’s 1% of EU GDP (the programme of the EFP is available at: http://federalistparty.eu/our-positions/our-political-programme/).
About the European Federalist Party
The European Federalist Party (EFP) is the only, truly pan-European political party campaigning for a more democratic and federal Europe. The EFP was founded in 2011 by citizens from all over Europe and has since developed into a cross-border movement that ran for the last European Parliament elections in six countries defending the same pan-European programme voted by its members at the 2013 EFP Federal Convention. The EFP contributed to the introduction of several pieces of European legislation including the European Citizens’ Initiative and the EU roaming regulation.
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