Barroso: We need a stronger union in economic policy

European Commission President Jose Manuel Barroso today vowed to press on with stronger economic policy co-operation after today's "unprecedented" agreement to stabilise the single currency.

He was speaking in Brussels hours after a massive 500 billion euro (£433 billion) support package from EU governments sent stock global stock markets soaring.



Mr Barroso said he had been making the case for "reinforced economic governance" for a long time and the overnight deal to shore up the euro and stop its slide on world markets was just the latest proof of the need for closer economic ties.



He went on: "We need a stronger Union in economic policy, a stronger compliance by member states with policies and rules agreed at Union level."



The Commission president said such a strategy was now under way, emphasising: "We will undertake every effort to take it further".



The Commission is due to unveil proposals on Wednesday, urging EU governments to sign up to a centrally-co-ordinated set of economic policies, with closer surveillance of "macroeconomic imbalances" in the EU, more transparent regulation of financial markets and a "permanent crisis mechanism" for dealing with future long term economic crises.



Mr Barroso, addressing a meeting of the World Economic Forum for Europe, said: "The lesson from this crisis is that if you want a monetary union, you should also promote an economic union.



"This does not mean making every member state do exactly the same at the same time, but it certainly means reinforced economic governance."



He said the overnight accord was unprecedented in scale, and showed the determination of the whole of the EU to support any of its member state neighbours when they were "seriously threatened with severe difficulties caused by exceptional circumstances beyond their control".



It was now time to build on such help by agreeing "further efforts of (economic) consolidation".

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksA special investigation by Andy McSmith
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Ashdown Group: Trainee Consultant - Surrey / South West London

£22000 per annum + pension,bonus,career progression: Ashdown Group: An establi...

Ashdown Group: Trainee Consultant - Surrey/ South West London

£22000 per annum + pension,bonus,career progression: Ashdown Group: An establi...

Ashdown Group: Recruitment Consultant / Account Manager - Surrey / SW London

£40000 per annum + realistic targets: Ashdown Group: A thriving recruitment co...

Ashdown Group: Helpdesk / Trainee Application Support Analyst - Hampshire

£25000 per annum + pension, 25 days holiday: Ashdown Group: A highly reputable...

Day In a Page

No postcode? No vote

Floating voters

How living on a houseboat meant I didn't officially 'exist'
Louis Theroux's affable Englishman routine begins to wear thin

By Reason of Insanity

Louis Theroux's affable Englishman routine begins to wear thin
Power dressing is back – but no shoulderpads!

Power dressing is back

But banish all thoughts of Eighties shoulderpads
Spanish stone-age cave paintings 'under threat' after being re-opened to the public

Spanish stone-age cave paintings in Altamira 'under threat'

Caves were re-opened to the public
'I was the bookies’ favourite to be first to leave the Cabinet'

Vince Cable interview

'I was the bookies’ favourite to be first to leave the Cabinet'
Election 2015: How many of the Government's coalition agreement promises have been kept?

Promises, promises

But how many coalition agreement pledges have been kept?
The Gaza fisherman who built his own reef - and was shot dead there by an Israeli gunboat

The death of a Gaza fisherman

He built his own reef, and was fatally shot there by an Israeli gunboat
Saudi Arabia's airstrikes in Yemen are fuelling the Gulf's fire

Saudi airstrikes are fuelling the Gulf's fire

Arab intervention in Yemen risks entrenching Sunni-Shia divide and handing a victory to Isis, says Patrick Cockburn
Zayn Malik's departure from One Direction shows the perils of fame in the age of social media

The only direction Zayn could go

We wince at the anguish of One Direction's fans, but Malik's departure shows the perils of fame in the age of social media
Young Magician of the Year 2015: Meet the schoolgirl from Newcastle who has her heart set on being the competition's first female winner

Spells like teen spirit

A 16-year-old from Newcastle has set her heart on being the first female to win Young Magician of the Year. Jonathan Owen meets her
Jonathan Anderson: If fashion is a cycle, this young man knows just how to ride it

If fashion is a cycle, this young man knows just how to ride it

British designer Jonathan Anderson is putting his stamp on venerable house Loewe
Number plates scheme could provide a licence to offend in the land of the free

Licence to offend in the land of the free

Cash-strapped states have hit on a way of making money out of drivers that may be in collision with the First Amendment, says Rupert Cornwell
From farm to fork: Meet the Cornish fishermen, vegetable-growers and butchers causing a stir in London's top restaurants

From farm to fork in Cornwall

One man is bringing together Cornwall's most accomplished growers, fishermen and butchers with London's best chefs to put the finest, freshest produce on the plates of some of the country’s best restaurants
Robert Parker interview: The world's top wine critic on tasting 10,000 bottles a year, absurd drinking notes and New World wannabes

Robert Parker interview

The world's top wine critic on tasting 10,000 bottles a year, absurd drinking notes and New World wannabes
Don't believe the stereotype - or should you?

Don't believe the stereotype - or should you?

We exaggerate regional traits and turn them into jokes - and those on the receiving end are in on it too, says DJ Taylor