EC’s single market developed silently and gradually, to an institutional framework, broader than what may have been originally planned.
The evolution to a “Union” was eagerly anticipated and much celebrated by (most of) the Member States, as was the introduction of the single currency.
After a decade of using the EURO currency, it may seem that the European Union has not been fully mature for it. Even if this is true, it is perfectly fine; Sometimes, one needs to take the plunge and this is what Europe did. Regulatory framework may come beforehand but, it is most certain that, additional regulation and corrections shall follow, according to the needs and implications of the subject matter, after testing in real life.
The President of the European Council in his interim report, “TOWARDS A GENUINE ECONOMIC AND MONETARY UNION”, Brussels, 12 October 2012, honestly admitted that, after the introduction of the single currency, the economic and monetary Union may have deepened but remains “not genuine”.
In the context of an Economic and Monetary Union with a single currency, we need at last, to speak in European Union's terms: EU GDP, EU Gross Income, EU Current Account Balance, EU Deficit or Surplus, EU Capital Market, EU Financing, EU growth and EU competitiveness …
A few years ago, the financial crisis was masterly transferred from the U.S. to the EU. Crisis is welcome since, as Jean Monet put it, "Europe will be forged in crises and will be the sum of the solutions adopted for those crises".
Therefore it is time for the EU to show (once more) that is capable of using the crisis as a motive to produce fast and effective solutions.
In my view, such solutions will not come from each Member State alone; they will not come from non - EU institutions either. Solutions will come from powerful, central EU governance and from waiving the reluctance of Member States to strengthening through genuine integration.
The evolution to a “Union” was eagerly anticipated and much celebrated by (most of) the Member States, as was the introduction of the single currency.
After a decade of using the EURO currency, it may seem that the European Union has not been fully mature for it. Even if this is true, it is perfectly fine; Sometimes, one needs to take the plunge and this is what Europe did. Regulatory framework may come beforehand but, it is most certain that, additional regulation and corrections shall follow, according to the needs and implications of the subject matter, after testing in real life.
The President of the European Council in his interim report, “TOWARDS A GENUINE ECONOMIC AND MONETARY UNION”, Brussels, 12 October 2012, honestly admitted that, after the introduction of the single currency, the economic and monetary Union may have deepened but remains “not genuine”.
In the context of an Economic and Monetary Union with a single currency, we need at last, to speak in European Union's terms: EU GDP, EU Gross Income, EU Current Account Balance, EU Deficit or Surplus, EU Capital Market, EU Financing, EU growth and EU competitiveness …
A few years ago, the financial crisis was masterly transferred from the U.S. to the EU. Crisis is welcome since, as Jean Monet put it, "Europe will be forged in crises and will be the sum of the solutions adopted for those crises".
Therefore it is time for the EU to show (once more) that is capable of using the crisis as a motive to produce fast and effective solutions.
In my view, such solutions will not come from each Member State alone; they will not come from non - EU institutions either. Solutions will come from powerful, central EU governance and from waiving the reluctance of Member States to strengthening through genuine integration.
19/10/2012, George Sabalos, Barrister at the Hellenic Supreme Court, Med. / Arb. (CEDR)
