The European Union’s executive branch would like to push the monetary union of the euro zone even further ahead – according to a draft of the new European Commission’s working paper obtained by Handelsblatt.
It announces “a package to strengthen monetary union” for the third quarter of 2015, and proposes creating a new central steering mechanism for essential structural reforms in the states that use the common euro currency.
Commission president, Jean-Claude Juncker, had already given a rough idea what this could look like in his inaugural speech to the European Parliament in July. He indicated that governments would have to be “encouraged” to make structural reforms and “if necessary, with additional financial incentives and a targeted fiscal capacity on the euro-zone level.”
Germany’s chancellor, Angela Merkel, voiced similar ideas a few weeks ago.