The European Economic and Social Committee (EESC) calls for the urgent completion of the EMU and urgent reform across Europe.
The Committee, which acts in a consultative capacity to the European institutions, called for a “genuinely more ambitious strategy” to end the financial crisis in Europe.
“The crisis has revealed the limits and contradictions of Economic and Monetary Union (EMU) and the policy of austerity: deprived of any tools of economic governance, the euro has proved too fragile,” said a statement from the committee.
“Faced with this reality, politicians have no choice but to go down the path of much-needed reform,” it continued.
The EMU believes that the EMU must include a social pillar covering:
In the long term, the EESC believes fundamental changes are unavoidable to bring in genuine European economic governance; closer political and social union; and a stronger international role for the EU.