President of the European Central Bank (ECB) Christine Lagard pointed out that the European Union often causes problems when it allows its Member States to use the right of sentence and block the necessary reforms. Informed DPA.
“The veto of one state should no longer be tolerated if 26 countries are in the way of collective interest,” Lagard wrote in a commentary published in the British Financial Times. She called on to be used more frequently in critical areas by a qualified majority, which, in her opinion, will allow “Europe to speak in one voice”. At present, unanimous approval is required for important decisions within the EU, so Member States may use the right of sentence.
The ECB chief pointed out the fact that there are currently significant changes in the world order. This gives Europe a chance to gain more control over its future and promote the vision of a “global euro”.
“In order for the euro to achieve its full potential, Europe needs to strengthen three basic pillars: geopolitical credibility, economic resistance and legal and institutional integrity,” She wrote Lagard. At the same time, it called on the European Union to take advantage of its position in the world’s largest business block and secure new business agreements. She reiterated her attitude from last month, when she called on in Berlin to strengthen the international role of the Single European Currency, which would benefit from the whole euro area.
