Slow growth, economic stagnation, and the risk of deflation in Europe forced the European Central Bank (ECB) to keep interest rates at a record low and to announce a large-scale private and public bond-buying programme. Once again, the European Central Bank seems to be the only European institution that can prevent the Eurozone from a relapse into recession.

The European Movement has repeatedly called for the completion of the European Economic Union through the introduction of a common European economic policy, which includes all necessary tools such as fiscal capacity for investment. Leaving the ECB to fill this vacuum illustrates the lack of a sufficient and efficient coordination of national economic policies to re-start the European economy.

Jo Leinen, President of the European Movement International (EMI), said: “The stimulation of growth is primarily the task of governments, something the Eurozone still lacks. The European Commission needs the competences to act as the Eurozone’s economic government, having the financial capacities to act and react swiftly. The monetary union can’t function without an economic union. With its latest measures the ECB has exploited its arsenal – we can’t rely on it forever to iron out the shortcomings of the European Monetary Union.“‏

[ENDS]

Notes to the Editors

1. The European Movement International(EMI) is one of the largest pan and pro-European civil society organisations with currently more than 70 Member Organisations, bringing together representatives from European associations, political parties, enterprises and trade unions. europeanmovement.eu

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