by Jean Paul Jacqué
The Lisbon Treaty has attempted to establish mechanisms for the euro area governance, but the resistance of member states not sharing the common currency had greatly limited the progress in this field. It left a trace in the Protocol No. 14 that foresees informal meetings of euro zone ministers (Euro Group) chaired by an elected president. Luxembourg Prime Minister Jean-Claude Junker has taken up this responsibility. The difficulties of managing the crisis demonstrated this structure to be insufficient. Tensions notably rose between the President of the Euro Group and the Heads of State and Government concerning the competent authority in charge of the economic management. Indeed, the direct intervention by the Heads of State or Government of the euro zone, meeting in special bodies, has been hardly approved by some finance ministers. Some have suggested creating a finance minister of the Union, yet this wouldn’t solve the problem. It was deemed necessary to restructure the system.
Please read the February Newsletter 2012.