Graham Bishop closely monitors the impact of the financial crisis on the Economic and Monetary Union of the European Union (EU).
At the height of the crisis, EU leaders decided on more Europe, not less. This strategy was confirmed in response to recent pressures on the single currency resulting from the fiscal situation in several EU Member States. The single market, designed to ensure the 'free movement of people, goods, services and capital' (Single European Act 1987), is universally seen as delivering enormous benefits in terms of growth, employment and quality of life.
The European crisis management highlights the 'de facto solidarity' among EU Member States already requested by Robert Schuman, a founding father of the EU, in the 1950s. Rather than abandon or slow down the process, several measures have therefore been implemented to strengthen the internal market and the euro. Setting definitive deadlines for the transition to the Single Euro Payments Area (SEPA) through forthcoming EU Regulation is one important step in this direction. Once SEPA is completed, this author argues, European citizens will effectively be empowered to influence government policies such as participation in the common currency.
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EPC-Newsletter Issue 10
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