Consolidation of the Euro, not reform

"If member states do not implement these proposals, sanctionS will be ineluctable"

The EPP Group has welcomed today's proposition from the European Commission on further steps towards completing the Economic and Monetary Union because this is the only way to avoid future crises.

"We cannot do things by half. The architecture of our currency is still incomplete. If we do not get the Euro ready for the future, the next crisis will be devastating", said Françoise Grossetête MEP, Vice-Chairwoman of the EPP Group in charge of Economic Affairs.

Grossetête does not see today's proposals as a 'reform': "Rather than reform, I prefer to speak of consolidation. Since the crisis in 2008, we have already made a lot of progress and we do not need to reinvent the wheel. We already have a framework and a set of rules for the Eurozone which just need to be consolidated and strengthened", Grossetête stressed today.

The architecture of our currency is still incomplete. Françoise Grossetête MEP

The EPP Group Vice-Chairwoman is also favourable to a European deposit insurance scheme, "when conditions are met". "Our priority is to complete the Banking Union, including a deposit insurance scheme and clear rules for states that go bankrupt", she said.

Grossetête called on the Member States to be aware of their responsibility. "A lot of political will is necessary to go ahead. But make no mistake, if Member States do not implement these proposals, sanctions will be ineluctable in 2019", she emphasised.

"The EPP Group will be a constructive partner in putting today's proposals into practice", she concluded.