15/12/14
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Mario Draghi, President of the European Central Bank, said that national policies alone are not enough to end the financial crisis.
Speaking to bankers in the City of London on 23 May, Mr Draghi outlined the bank’s role in addressing the financial crisis.
“Major progress has been made in defining a vision and a path towards genuine economic and monetary union,” he said.
The benefits of an effective banking union would be large for all EU countries, not just those in the eurozone, he added.
“A more stable union will be one where financial contagion will have disappeared, where business for the financial centres will vastly increase, where financial market integration will resume,” he said.
However, more efforts are needed to end fragmentation of the eurozone and more rigorous application of existing rules is needed, he continued.
He also emphasised the importance of the EU to the UK economy and the importance of the UK to the EU.
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European Commission President José Manuel Barroso outlined the steps toward a genuine economic and monetary union (EMU) at a conference in Brussels, Belgium.
MEPs approved a package to reform the supervision of the EU's banking sector. The new rules would also cap banker's bonuses, curb speculative risk-taking, and step up capital provisions to help banks cope better with crises.
Romano Prodi, ex-president of the European Commission, is optimistic on opportunities for growth in Europe despite the current economic crisis.
The financial crisis has necessitated a substantial change in international policy cooperation, said Jörg Asmussen, Member of the Executive Board of the ECB.
The European Economic and Social Committee (EESC) calls for the urgent completion of the EMU and urgent reform across Europe.
Otmar Issing, a founding member of executive board of the European Central Bank, argues that centralisation of economic decision-making as an end in itself cannot underpin a prosperous and powerful Europe.
Michel Barnier, European Commissioner for Internal Market and Services, says that closer economic integration should be the catalyst for reinventing the European Union.
Maroš Šefčovič, Commission Vice-President for inter-institutional affairs and administration, calls for an overhaul of economic and monetary union in Europe.
