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:
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.”