Wednesday

18th Oct 2017

Schaeuble sees need for separate eurozone parliament

  • "The end of the discussion can not be, that we do nothing," Wolfgang Schaeuble told fellow EPP party members. (Photo: EPP)

German finance minister Wolfgang Schaeuble has laid out ideas on how the single currency area should evolve, including having a eurozone parliament.

"Some of the changes will reflect the new realities of the eurozone. For example, I can imagine there will be a eurozone parliament," he told members of the centre-right EPP party, Europe's largest political party, in Brussels on Monday (27 January).

Thank you for reading EUobserver!

Subscribe now for a 30 day free trial.

  1. €150 per year
  2. or €15 per month
  3. Cancel anytime

EUobserver is an independent, not-for-profit news organization that publishes daily news reports, analysis, and investigations from Brussels and the EU member states. We are an indispensable news source for anyone who wants to know what is going on in the EU.

We are mainly funded by advertising and subscription revenues. As advertising revenues are falling fast, we depend on subscription revenues to support our journalism.

For group, corporate or student subscriptions, please contact us. See also our full Terms of Use.

If you already have an account click here to login.

  • "Leave the door wide, wide open to member states which have not yet introduced the euro zone," said Schaeuble. (Photo: EPP)

He indicated that euro countries too often end up sidelining the EU institutions when it comes to decision-making, something that particularly riles the European Parliament.

Member states have been increasing turning to intergovernmental decisions – outside EU treaties – as they introduce legislation to tackle the roots of the EU’s economic crisis.

The nascent banking union as well as the European Stability Mechanism – the Eurozone bailout fund – are underpinned by intergovernmental treaties.

"We discussed the European bank resolution fund just last week, which will be financed with contributions from banks. But it cannot be introduced on the basis of the treaties in their current form,” said Schaeuble.

"We know treaty change is difficult - but the end of the discussion cannot be, that we do nothing."

"It would be relatively easy to achieve this by creating a eurozone parliament consisting of members of parliament from eurozone countries. This shows we can take certain steps even before getting treaty changes."

"But we need to be very careful to leave the door wide, wide open to member states which have not yet introduced the euro."

Schaeuble's plans - aired just four months ahead of EU elections – are likely to be controversial.

They raise questions about how the existing EU parliament would function alongside a new euro-focused institution. They are also likely to heighten concerns, particularly in non-euro Britain, that the eurozone is the political heart of the EU.

Swedish finance minister Anders Borg, who was also attending the discussion, expressed scepticism about the idea and questioned whether a new institution would improve citizens’ trust in the EU.

Eurozone should have own treasury by 2025

Eurozone states should cede more powers to EU institutions, including to a euro area treasury to be set-up in the next 10 years, a new report says.

Eurogroup closes Schaeuble era

Eurozone finance ministers bade farewell to their longest-serving and most influential colleague, while preparing to also replace its chairman at the end of the year.

Opinion

Left flirting with antisemitism in EU parliament

It is outrageous that Leila Khaled, a member of a group listed by the EU as a terrorist organisation, was given a platform in the EU parliament, a body representing democracy and peaceful cooperation.

News in Brief

  1. Catalonia will 'not back down'
  2. New toxic incident in EU building ahead of summit
  3. Murdered Malta journalist's family invited to Parliament
  4. EU food safety chief denies keeping studies 'secret'
  5. EU states pledge 24,000 resettlement places so far
  6. US ready for arms sale to update Greece's F-16 fleet
  7. Austria's Green leaders step down following election failure
  8. Icelandic journalists protest ban on reporting PM's finances

Stakeholders' Highlights

  1. EU2017EENorth Korea Leaves Europe No Choice, Says Estonian Foreign Minister Sven Mikser
  2. Mission of China to the EUZhang Ming Appointed New Ambassador of the Mission of China to the EU
  3. International Partnership for Human RightsEU Should Seek Concrete Commitments From Azerbaijan at Human Rights Dialogue
  4. European Jewish CongressEJC Calls for New Austrian Government to Exclude Extremist Freedom Party
  5. CES - Silicones EuropeIn Healthcare, Silicones Are the Frontrunner. And That's a Good Thing!
  6. EU2017EEEuropean Space Week 2017 in Tallinn from November 3-9. Register Now!
  7. European Entrepreneurs CEA-PMEMobiliseSME Exchange Programme Open Doors for 400 Companies Across Europe
  8. CECEE-Privacy Regulation – Hands off M2M Communication!
  9. ILGA-EuropeHealth4LGBTI: Reducing Health Inequalities Experienced by LGBTI People
  10. EU2017EEEHealth: A Tool for More Equal Health
  11. Mission of China to the EUChina-EU Tourism a Key Driver for Job Creation and Enhanced Competitiveness
  12. CECENon-Harmonised Homologation of Mobile Machinery Costs € 90 Million per Year