The European commissioner for Economic affairs things to a new body, «more responsible and more democratic». Strong opposition by Germany: «Impossible without a treaty change»
by Emanuele Bonini
Time for Troika is over, said the European commissioner for Monetary affairs on Tuesday. The special monitoring club composed by the European Commissioner, the European Central Bank and the IMF «should be replaced by a body with a greater democratic legitimacy», according to Pierre Moscovici. The new structure replacing Troika «should be a more responsible one, and set up all around the European institutions», stated Moscovici during a meeting organised by the think tank Bruegel. It is time to reconsider what has been done in the past, changing the way of monitoring the implementation of the reforms in the Euro area member States, since the situation is different from few years ago. «Troika was needed and was useful, but now I believe we need to move new steps forward».
Within the EU the debate split Member States up. Italy stands with Pierre Moscovici, as affirmed Sandro Gozi, under secretary of State for European Affairs. «In this new phase of economic governance we need to ask ourselves if the Troika approach Troika will be necessary to handle the new cases that will arise in the future». German position is the opposite. «In order to change the supervision framework of the reforms, a change of the rules for the supervision of Eurozone would be necessary», recalled Wolfang Schaeuble, German minister of Finance. «When European Commissioners talk about the substitution of Troika they also should start the a Treaty change», he added. Flexibility against austerity, here we go again. The political debate still lies in this contrast, with a difference: this time there elections in Greece, where people want to dismantle than kind of Europe ruled over Athens for all this time.
| Pierre Moscovivi |
Time for Troika is over, said the European commissioner for Monetary affairs on Tuesday. The special monitoring club composed by the European Commissioner, the European Central Bank and the IMF «should be replaced by a body with a greater democratic legitimacy», according to Pierre Moscovici. The new structure replacing Troika «should be a more responsible one, and set up all around the European institutions», stated Moscovici during a meeting organised by the think tank Bruegel. It is time to reconsider what has been done in the past, changing the way of monitoring the implementation of the reforms in the Euro area member States, since the situation is different from few years ago. «Troika was needed and was useful, but now I believe we need to move new steps forward».
Within the EU the debate split Member States up. Italy stands with Pierre Moscovici, as affirmed Sandro Gozi, under secretary of State for European Affairs. «In this new phase of economic governance we need to ask ourselves if the Troika approach Troika will be necessary to handle the new cases that will arise in the future». German position is the opposite. «In order to change the supervision framework of the reforms, a change of the rules for the supervision of Eurozone would be necessary», recalled Wolfang Schaeuble, German minister of Finance. «When European Commissioners talk about the substitution of Troika they also should start the a Treaty change», he added. Flexibility against austerity, here we go again. The political debate still lies in this contrast, with a difference: this time there elections in Greece, where people want to dismantle than kind of Europe ruled over Athens for all this time.
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