Maroš Šefčovič, Commission Vice-President for inter-institutional affairs and administration, calls for an overhaul of economic and monetary union in Europe.
Speaking at an event in Vilnius hosted at the start of the Lithuanian presidency of the European Council, Mr Šefčovič said that the financial crisis had revealed the weaknesses in Europe’s economic system.
The actions taken in response over the last few years had worked to restore confidence and stabilise the euro, he said, but more action was needed.
“We will soon be entering a new phase of relations between national governments, national parliaments and the European Commission, when the first national budget proposals are scrutinised at the European level,” he added.
The crisis had necessitated the need for “new ways to do what needs to be done”, and this would continue to be the model for future development, he said.
He outlined the role of national parliaments in future reform of the EMU and, particularly in ensuring democratic accountability over decisions.