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BackThe European Union, and in particular the Eurozone, are faced with enormous problems: economic output is once again in decline and unemployment is constantly reaching new heights. Instead of effectively tackling the causes of the financial and economic crisis, the European Union’s exit strategy failed, undermining the potential for growth and employment.
In view of the pressing problems, the BAK welcomes the debate on reforming the Economic and Monetary Union. However, the Report “Towards a Genuine Economic and Monetary Union” drawn up by the President of the European Council, in cooperation with the Presi-dents of the European Commission, the ECB and the Eurogroup prior to the meeting of the European Council in December 2012, does not represent a suitable basis for an urgently required reorientation of the EMU. On the contrary, some of the proposals contained therein have to be regarded as exacerbated continuation of the failed current crisis policy.
