The current financial crisis, sparked in the United States, represents another economic challenge for the European Union. Opinions on European integration may be affected, depending on how the EU will respond to the crisis. This is the perfect opportunity to highlight the failure of the current Economic governance framework to adopt effective solutions and address the economic and financial difficulties of many European citizens. What are needed are political will, courage and ambition from EU Heads of State and Government.
“It’s time for a true European economic government” declared Samuele Pii, President of JEF-Europe. “It’s time for a consistent European economic agenda in order to ensure a stable and fair economic system for future generations. The proposals outlined by the G4 meeting are simply not sustainable without a common solution to the crisis. Europe deserves a Government able to address financial security and deal with a new European welfare system” Pii continued.
“The political reactions to this crisis are worrying” commented Jessica Chamba, Vice-President of JEF-Europe. ”Unfortunately, since no new Treaty was adopted since Nice, the economic and budgetary policies are still depending only on the Members States’ will.
This crisis is another proof that the current institutional framework is insufficient to tackle European and worldwide problems. The initiative of organising a gathering of 4 Heads of State and Government was positive in its spirit, as it was an attempt to coordinate a European reaction. But it proved to be inefficient in its decisions, in particular due to the fact that 23 other Member States were left aside and since it didn’t have an impact on each country’s decisions!
What the European Union needs now is a new institutional framework
What the European Union needs now is a new institutional framework that takes into account the interdependence of the Euro zone and the single market. The EU needs a real government with a Minister of Finance coordinating all initiatives in order to react to this kind of crisis. This is what the European citizens are expecting,” Chamba affirmed.
“If Heads of State and Government along with national political actors fail to provide courageous responses at the European level, it will be impossible to restore the long lost trust of citizens towards Europe and eradicate nationalism before the upcoming European Parliament elections in 2009” Samuele Pii concluded.
[ENDS]
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