“The architecture of EMU is clearly not complete” said Luca Visentini, General Secretary of the European Trade Union Confederation (ETUC). “Economic & Monetary Union does need stronger and more coherent governance and resources to ensure the long-term future of the Euro. The package presented by the European Commission is important and member states need to find the political will to take the necessary steps.
“Far from going too far, the implementation dates are too late. These changes should be brought forward.”
“We argue strongly for a European Monetary Fund that invests in growth, and not just to help countries at times of crisis” said Katja Lehto-Komulainen, Deputy General Secretary of the ETUC. “The EMF should support economic development, not just stop banking crises. We think a balanced budget rule should be put into EU law coupled with additional flexibility as this would support much-needed investment.”