The European Parliament has adopted a set of three resolutions exploring the future development of the European Union. Two of the rapporteurs, Pervenche Berès and Reimer Böge, want to bring euro area economies closer together to make them more resilient to outside shocks. A budget specific to the Eurozone is one of their key proposals.
The crisis has shown us that a monetary zone needs to be able to ensure the convergence of its Member States and to keep its economies from diverging. Because if there is a single currency, we cannot allow economies to diverge too much, in terms of corporate taxes, minimum salary, investment levels. If there is an asymmetrical shock, that is, one that impacts one Member State in particular, that Member State needs to be able to react and the rest of the Member States need to help it to react, because if one is affected, so are the others It is not in the interest of other Member States of the Eurozone to let it happen. What we want is to reestablish trust, like in an insurance system. Everyone chips in. In case of a crisis that they cannot cope with alone, everyone receives aid. But with specific conditions that have been previously agreed upon. And whatever aid is received will need to be paid back over a longer period of time. When there is a symmetrical shock, one that affects the entire zone, like a rise in the price of petrol or a sharp dip in levels of investment activity, the Eurozone needs to have the tools to pilot its common policy. I know some Member States outside of the eurozone, especially those in Eastern Europe, are concerned, saying there will now be first class and second class States. No, that is not what we want. We function at different speeds today, and we have explicitly invited non-eurozone countries to join us. With the exception of Denmark and Great Britain, all the countries have pledged to join the euro. If we don't make the euro strong, if we don't make the euro sustainable, if we don't equip it to learn lessons from the crisis, to face up to future challenges, there will be no Europe. I think it's time to regroup. I am simply saying that we cannot just wait until 2020 to push for these things. That's why here in Parliament, we are a little impatient.