European Commission President José Manuel Barroso last week called for the European Union to be turned into a 'federation of nation states', a vision he said would require an overhaul of the Lisbon Treaty.
"If treaty change is needed, then it must be done. However, I am slightly sceptical as to the real need for treaty change and also cautious about its feasibility", Stubb, minister of European Affairs and Foreign Trade, said in prepared remarks during a visit to Dublin. "I would disagree with President Barroso when he said that we cannot move forward under the existing treaties."
A significant treaty change would trigger referendums, which would increase uncertainty, he said. "I would take great precaution in introducing elements like treaty change or federalism into the equation, perhaps raising the bar of fixing the euro from the concrete and achievable to the theoretical and unachievable", he said.
Stubb also said the European Commission was right in seeking integrated supervision over the region's banks, but said such a move would be "toothless" without the power to close non-viable banks. "Bank resolution needs to be a part of the plan", he said.
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