Labour MEP Alfred Sant has called for more simplified EU rules to achieve upward socio-economic convergence between different communities and regions within the eurozone.
In a statement to the European Parliament, the former Prime Minister said that the European Commission initiative to review the EU’s economic governance makes sense but, by not going far enough, risks being futile.
The Commission communication on the Review of the economic governance aims to start a public debate on ensuring sustainable government finances and economic growth, as well as avoiding macroeconomic imbalances; enabling closer coordination of economic policies; and promoting convergence in Member States’ economic performance.
In order to allow for a broad consultation, the Commission will be launching a dedicated on-line platform on which interested parties will be able to express their opinions on the matter. This survey will be accessible from 17 February until 30 June 2020.
“The complexity of rules have hindered efforts to achieve the goal of convergence and should be simplified. The Commission proposals on this issue are worthwhile and should be followed up but they will not get us far”, Sant said.
Sant said that a monetary zone that functions properly needs to achieve such balance but current rules in the eurozone are not achieving it. It is a basic reason why economic and social development in the eurozone is slow.
In concluding his statement, Sant noted that the EU is experiencing all the constraints of a common monetary area but hardly most of the flexibilities it could provide. Meanwhile, the pain is being borne by those who are least able to afford it.
Original article found on The Malta Independent