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Speech: ECB calls for new cooperation efforts

Euro Coin on €50 Note Map © iStock


The financial crisis has necessitated a substantial change in international policy cooperation, said Jörg Asmussen, Member of the Executive Board of the ECB.

Speaking at the Kiel institute for the World Economy, Asmussen said that Europe needed to “finish the job” of stabilising its financial system and he warned that efforts to reform were losing momentum.

He outlined a number of priorities:

  • urgency in completing European banking union
  • integration of economic governance to make economies more competitive
  • new institutional design to ensure legitimacy, accountability and democratic control

He said that the European institutions should be strengthened, in particular the European Parliament.

“Governments should ensure that national parliaments are appropriately informed and involved in decision processes,” he said. “On the other hand, national parliaments are often not in the best position to incorporate the EU common interest in their decisions.”

Sources: Read the full text, ECB
Categories: Economy, Politics

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In brief

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