CMV: The Eurozone needs its own parliament to bring decisions on the Euro under strict democratic control
Sun Jun 17 2018 15:00:00 GMT+0000 (Coordinated Universal Time)
University of Groningen
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CMV: All decisions on the Euro should be made by a parliament for the Eurozone
Today (always) older, (overwhelmingly) white, (largely) men, (often) from a finance background make dramatic decisions on the future of the Euro in hasty weekend meetings of the Eurogroup. The problems they cannot solve are left to the governing council of the ECB, whose members are not even elected.
This is untenable. If citizens are not at the table, they will be on the menu. If having a single currency means that citizens lose their say over economic and monetary policy, the Euro must be abandoned.
Therefore, control over the Euro should go to a newly created Europarliament, which:
(1) Ratifies all decisions on intergovernmental agreements, memoranda, treaties, bailouts, bailins, extensions, contractions, refinements, etc made by the European finance ministers
(2) Makes revisions and extensions to the ECB mandate and the scope of its independence (this is the case for all central banks in the world).
(3) Approves all ECB emergency financial market programmes implemented in a financial state of emergency.
(4) Confirms all newly appointed members of the ECB executive board.
Among the reform plans that have been kicked off after the Euro-crisis, one
suggestion has received surprisingly little attention from EU-officials: the creation of a Eurozone parliament
Documents and statements by member state representatives and EU institutions pertaining to a deepening of Eurozone democratization and integration are, however, manifold:
In his reform plans laid out in 2017, French President Emmanuel Macron specifically mentioned the creation of a Eurozone parliament along with calls for a common Eurozone budget
In the same year, Macron’s idea was also peddled by then German finance minister Wolfgang Schäuble
In a 2017 statement on the deepening of the economic and monetary union, the European Commission acknowledged that “democratic accountability and effectiveness” of Eurozone governance should be improved
Why we need a Eurozone Parliament
Does the Eurozone need a Parliament?