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The EU commission, like France's president Emmanuel Macron, wants a euro finance minister. The problem: The idea arouses false hopes and is not thought through.

EU finance minister: Juncker's reform creates more problems than it solves

The EU commission, like France's president Emmanuel Macron, wants a euro finance minister. The problem: The idea arouses false hopes and is not thought through.

EU finance minister: Juncker's reform creates more problems than it solves
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  • Page 1 — Juncker's reform creates more problems than it solves
  • Page 2 — better would be a head of euro group
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    President of European Commission, Jean-Claude Juncker, proposes to create a europäischenFinanzminister. In his vision, outlined in his speech on "situation of Union" in September, this European finance Minister InPersonalunion is to be one of Vice-Presidents of European Commission and Chairman of Eurogroup. It will also be responsible for part of EU budget destined for eurozone. Unfortunately, Juncker's Vorschlagnicht is well thought out and will create more problems than he solves.

    Guntram B. Wolff

    Is director of tanks Bruegel in Brussels.

    JunckersFinanzminister arouses false expectations and will lead to misunderstandings. A proper Treasury minister can typically levy taxes, set his own Prioritätenim budget, and borrow financial markets. Moreover, a finance minister in a federal system occupies an important Rollebei of monitoring and controlling financial affairs of Derverschiedenen regions. The expectations of him would be correspondingly great: Dieeinen will hope that this "Finance minister" will finally FürHaushaltsdisziplin in Europe. The ors are already looking forward to neueverfügbare EU funding for more investment. However, Realitäteine will be different: Juncker's EU finance minister cannot achieve eir one or dasandere.

    Fine Balanced Balance

    At institutional level, Juncker's proposal is problematic because it inadmissiblely mixes role of European Commission and that of Council of European Union. The institutional network of European Union is based on Einerfein balanced balance between interests of Community and those of Member States.

    In this context, European Commission is solely genuine in bringing forward European legislative proposals and publishing recommendations on fiscal and budgetary issues. However, Member States mselves decide on se issues – in case of euro issues, this is Eurogroup of finance ministers. The Council of European Union and European have final say in adoption of European laws.

    There are also practical reasons to speak against Juncker's European finance ministers. In order to be able to exert real influence, chairman of Eurogroup must be accepted by national mini-star. Therefore, this should continue to be chosen by Mitgliedsstaatender eurogroup rar than being legitimized by anor institution.

    Eurozone needs to be reformed

    Sydney However, it is important to emphasise that eurozone reformbedürftigist urgently. In addition to long overdue reform of European Haushaltsregelnmüssen, institutions of Eurogroup are being changed: Eurogroup lacks transparency; Its chairman is a national finance minister, which can lead to conflicts of interest between European Aufgabeeinerseits and minister's national mandate on or. DieVorbereitungen of Eurogroup meetings are organised by three VerschiedenenInstitutionen; The time to chair such an important Amtesbenötigt should be occupied by someone who works full-time alsVorsitzender Eurogroup.

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