Pierre Moscovici: “The future of the euro”

"... The first issue is the lack of democracy in our existing structures.Let’s face it, the Eurogroup as we know it is rather a pale imitation of a democratic body... the problem is a structural one. We are talking about decisions that are first prepared by officials – in almost complete opacity– and then taken by Ministers behind closed doors, often after very limited discussions,and with no formal rules. Unlike in a normal Council formation, the European Commission does not have the prerogatives in the Eurogroup to promote and advance the general interest of the euro area as a whole. Major decisions are taken on national budgets and reforms and no one is – or feels – accountable for these decisions to the European Parliament.

I would go so far as to say that this flaw in the governance of EMU is a democratic deficit, and sometimes in the past, when we look at Greece, it has beenclose to a democratic scandal." - Pierre Moscovici, 01/09/2017