French President Francois Hollande has called on Europe to form its own central government, following the crisis in Greece.
Hollande says that all 19 countries using the Euro should have their own unified government with its own budget and parliament.
Bloomberg.com reports:
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“Circumstances are leading us to accelerate,” Hollande said in an opinion piecepublished by the Journal du Dimanche on Sunday. “What threatens us is not too much Europe, but a lack of it.”
While the euro zone has a common currency, fiscal and economic policies remain mostly in the hands of each member state. European Central Bank President Mario Draghi made a plea this week for deeper cooperation between the euro members after political squabbles over Greece almost led to a rupture in the single currency.
Countries in favor of more integration should move ahead, forming an “avant-garde,” Hollande said.
“Europe has let its institutions weaken and the 28 European Union member countries are struggling to agree to move ahead,” Hollande said on Sunday in a text which was also a homage to his mentor Jacques Delors, a former European Commission President who proposed similar ideas.
Draghi called for the creation of a shared treasury within 10 years in a joint proposal with politicians including European Commission President Jean-Claude Juncker and Eurogroup President Jeroen Dijsselbloem last month.
