European Commission President José Manuel Barroso highlighted today that he will urge European Union leaders at their upcoming meeting (June 28/29) to take concrete commitments towards an economic and monetary union.
“More than ever we need a strong ambition for Europe – an ambition for the structural reforms that we need now and ambition for the deeper economic and monetary union we need to build in the medium and longer term,” he said. The main building blocks include moving towards a banking union and a fiscal union.
President Barroso noted the need for a clear and credible commitment to a vision for the deepening of the European Union, a process that should include some immediate steps as well as medium and longer term steps that might require treaty changes. “Greater solidarity and greater responsibility must go hand in hand: each step towards further solidarity would be accompanied by a corresponding step towards greater responsibility, and vice-versa. Such a commitment will send a clear signal that the Member States and the EU institutions consider economic and monetary union and the euro as indispensable assets for Europe’s future.”
President Barroso also stressed that this European Council meeting will focus on growth and that he will “urge it to endorse a decisive commitment towards sustainable and jobs-rich growth. This growth can only come from the combination of sound public finances, deep structural reforms and targeted investment.”