European foreign ministers outline policy proposals on restructuring the EU and pushing it towards more unity and integration.
Aren't you weary of reading and hearing news that heralds the blighted state of the European Union and its impending demise? We are. The E.U. will make it through, provided we act now.
Together with other foreign affairs ministers in the Future of Europe Group, we have finalized a report on how to overcome the crisis.
Our proposals are wide-ranging. We must reform the Economic and Monetary Union, tackle structural change and increase our competitiveness. We call for stronger powers at the E.U. level to oversee member states' budgets, making economic coordination between member states more binding in areas that are key for growth and competitiveness, and establishing an effective supervisory mechanism for banks. We also believe that the European Stability Mechanism should be further developed into a "European Monetary Fund."