Within this context, it is imperative to move rapidly from the current system which is based on rules to ensure budgetary discipline, to a process of greater convergence between the countries of the E
Within this context, it is imperative to move rapidly from the current system which is based on rules to ensure budgetary discipline, to a process of greater convergence between the countries of the Eurozone.
In the first instance, given that the euro is the currency of the EU, Member States which are members of the Eurozone need to accelerate and to deepen integration via the completion of EMU, a process which must stay open to all EU Member States. This could be achieved by robust governance and the strengthening of the institutional framework of the euro area, to be based on:
a monetary and financial pillar, which is largely in place and which should include the implementation of a fully-fledged EU-driven Banking Union to bring about a pan-European capital market, while also protecting taxpayers from excessive risk-taking and disorderly defaults;
an economic pillar, to strengthen the decision-making process in economic policy, thus fostering growth, employment, competitiveness, convergence and European solidarity;
a social pillar, inseparable from economic progress and efficiency, so as to ensure the full implementation of the European Treaties, in the light of Article 3 TEU, and improve social and territorial cohesion;
a political pillar, including greater accountability and democratic legitimacy, to foster credibility and confidence.
