European federalists are pressing for strong economic governance, particularly in the eurozone.

The European Parliament’s Federalist Intergroup met, on 4 May in Brussels, to celebrate the 60th anniversary of the Robert Schuman Declaration. At the conclusion of the meeting, the Union of European Federalists (UEF) and the Young European Federalists (JEF) published a joint declaration ⁽¹⁾ stating that “the goal of Robert Schuman and Jean Monnet to create a European federation has come closer,” particularly with the entry into force of the Lisbon Treaty, but that “much remains to be done”.

The two associations note that EU budget policy should “promote Europe’s economic recovery” and that spending should be transferred from the national to the federal level “where economies of scale and cost efficiencies can be made”. On regulation of the financial sector, they argue for the creation of a “single EU supervisor for transnational financial services”. A return to fiscal rectitude and tinkering with the Stability and Growth Pact “is not enough” because “an economic government is now urgently required, above all within the eurozone”.

It should have sufficient executive authority to “oblige the state governments to adopt mutually reinforcing economic policies within an overall common strategy aimed at the twin objectives of stability and competitiveness”. The text concludes that the task force under the authority of the European Council president should emulate the Schuman Declaration in terms of courage and clarity of purpose.

⁽¹⁾ The joint declaration is available at www.europolitics.info > Search = 271809