Jean-Claude Juncker urges stronger Commission role on euro

The currency is a ‘political project’ that needs democratic oversight, the president says.

STRASBOURG — Commission President Jean-Claude Juncker told members of the European Parliament Tuesday that their support was crucial to saving the eurozone, and urged them to accept a stronger political role for Brussels in managing the currency area.

The joint Commission-Parliament debate centered on a slew of proposals that, if adopted, would give the Commission more powers and deepen economic integration. Parliament votes Thursday on the measures.

“The euro is a political project and that means it requires supervision,” said Juncker. “We need this Parliament as our strong partner during this.”

Click Here: Crystal Palace Shop

Juncker dismissed ideas of technocratic eurozone management, arguing that economic and monetary affairs are political and require democratic oversight. “These are all political decisions that require a political Commission that accounts for its actions before this Parliament,” he said.

In July, the chiefs of the Commission, European Council, Eurogroup, European Central Bank and European Parliament issued the “Five Presidents’ Report,” which advocated completing the Economic and Monetary Union as the way to tackle the EU’s faltering economies.

The Commission followed up with concrete proposals in October. They include creating unified eurozone representation in international institutions, as well as measures like a deposit guarantee scheme — which would provide limited protection in case of bank failures — to strengthen the banking union, and a move toward an eventual financial union.

“We are using economic tools to work towards economic union, banking union and political union,” said Juncker.

The Commission president also said he recognized the “shortcomings” of eurozone governance before taking office, hinting at the unpopularity of the Commission’s response to the financial crisis. He added he was “determined to do things differently.”

In a rare appearance at the European Parliament, Eurogroup President Jeroen Dijsselbloem also asked members to vote for the Commission’s proposals.

“It’s the surest way to address the still unacceptably high unemployment rates and legacy debt in the midst of countries,” Dijsselbloem said. “It’s the only way to preserve our European social model.”