COSAC in Copenhagen: Europe must work together to beat the financial crisis
Vice-President Maroš Šefčovič was in Copenhagen on Monday 30 January to discuss the EU's response to the financial and economic crisis with representatives from the national and European parliaments, underlining in particular the need for all countries to work together to tackle the issue.
At the so-called COSAC chairpersons meeting, hosted by the Danish EU Presidency, VP Šefčovič highlighted the need for Europe to react quickly and decisively to the economic crisis, and especially to the threat it posed to economic and monetary union and the euro.
He outlined the various measures undertaken by the European Commission – including the so-called 'six-pack' of measures – and urged national parliaments to play a more active role in discussion and oversight of EU-wide budgetary issues. This, he said, would help to ensure that one country's budget imbalances could not destabilise the entire eurozone, as had been the case in the past.
"The fundamental lesson of the crisis is that of interdependence: now more than ever, we need greater integration to ensure that national economic and budgetary policies cannot again have such a devastating effect on the euro area and the EU as a whole," VP Šefčovič said in his speech.