Eurozone future - what next?
418 views · Published 19 October 2012 · 1:54 · Indexed 4 November 2026
Channel: European Parliament · 2012 · News & Politics
EU leaders gather to discuss economic and monetary union -- leading MEPs comment on the probable outcome. It's their fourth summit meeting this year, their 22nd since the crisis began. Europe's leaders are still trying to hammer out a deal on economic and monetary union that keeps all Member States happy, and it's no easy task. I'm confident we're at a stage where we have all the elements, all the conditions for overcoming the eurozone crisis and opening up new perspectives. So let's seize them, so that with regard to banking union, and Spain and Greece, soon, we solve the problems that have been affecting the eurozone. Concerning economic and monetary union, MEPs want more democratic accountability and a single financial supervisor. But with different rules for countries inside and outside the eurozone, presidents and group leaders at the EP had little hope of an early resolution. I think this is more or less not possible, looking at the countries' different positions. Just yesterday I met President Hollande in France, who is urging, and I understand it, to get an agreement by the end of the year. But I doubt we'll get an agreement even at the December summit. Group leaders share that pessimistic assessment and question the overall intention. The most interesting thing for us behind this decision will be what conditions it will have. We doubt the EU will look also to the people's interests and not only the banks'. The implications for democracy, for the operation among 27 members of the Single Market are very, very profound. All these problems have to be sorted out, and I'm not sure they will be today. Cyprus, holder of the Council Presidency, has seen its bonds downgraded, and there's another general strike in Greece. But Spain's borrowing rates have fallen and their bond auction went well, so Europe's problems, if not over, are showing signs of improvement. EuroparlTV video ID: 0052e633-cfbd-4ed6-8e97-a0ee012887a3
