STRASBOURG, France, June 13 (Xinhua) -- The upcoming European Council summit meeting would focus on building blocks for the future of economic and monetary union, said Jose Manuel Barroso, President of European Commission on Wednesday.|
Barroso made the statement during a European Parliament debate held in Strasbourg.
According to Barroso, building blocks include moving towards a banking union and fiscal union. "Some elements will require a higher degree of political integration with in parallel measures to ensure increased accountability and democratic legitimacy,"Barroso said.
According to Barroso, the EU had a series of strategies for growth, namely Europe 2020, Multi-annual Financial Framework, etc. What they were doing was preparing new initiatives for growth, and to link the MFF and the programs under the future budget with overall growth strategy.
"Can our project be improved? Certainly, and we are very open to listen to proposals." he said while addressing the MPs.
Barroso also stressed that the whole process must have the Community method as its guiding principle to ensure greater coherence both in principle and on methods of instrument.
He listed banking union as natural priority for financial integration and as the area where major progress could quickly be made without treaty changes. He also urged adoption of proposals already on the table, like capital requirement rules, as well as proposals concerning deposit guarantees and bank resolution.
He also stated that the Commission would make it ready by autumn key proposals to introduce more integrated banking supervision and common deposit guarantee and resolution funds. "The full benefits from deepening the economic and monetary union and from creating the banking union could however only be reaped by the development of the fiscal union." said Barroso.
Barroso stipulated that the immediate step was building on the effective coordination of fiscal and economic policies through the European semester, including through the swift adoption of the "two pack" proposals, through three steps including further refining financial backstop like EFSF, EFSM and ESM, discussion possibility of stability bonds, as well as other options for a deeper fiscal integration.
He also pointed out needs to link the development of the fiscal union with the development of the political union, since "a deeper economic and monetary union requires deeper accountability and legitimacy."
"But if the technical proposals are made without proper support all across the European Union, we risk a backlash. Decisions of historic dimension need to be prepared, and the citizens need to be involved in the debate," said Barroso.
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