Amid the mounting fiscal and economic crisis that is threatening to undermine the project of European integration, the Group of Lecce has issued a new statement on the need to reform European economic governance. The Group of Lecce aims to develop policies “to strengthen economic and financial multilateralism”, strengthening the democratic underpinnings of the Union, along with the dynamism of the European economy, through advanced ongoing cooperation.
According to this report: “we do not see any alternative to reinforcing cooperation and to achieving stronger unity across and within the EU, with the very same spirit that has animated in the past all major reforms of the European institutions. Indeed, a major step forward to greater cooperation and unity would make Europe the strong international player that all its national economies need to face the challenges of today’s globalised world.”
As today’s more-than-ever integrated Europe faces a crisis of unprecedented proportions, and some in government speak openly of dismantling, at least in part, the common currency or other mechanisms for long-term cooperative integration, the Group of Lecce argues that major structural reforms are needed, to move the Union closer to real, viable, and more agile, policy integration.
The report also concludes that: “We strongly believe that the apparent trade offs between democracy and efficiency, and between solidarity and rigor in managing EU economic policies can be resolved by establishing an adequate system of checks and balances, and by limiting to the extent possible emergency and transitory intergovernmental measures and actions. Severe difficulties seem to lie in the different degrees of integration characterizing the Euro area and the other EU members. A higher economic and fiscal integration is necessary for the European Monetary Union to work effectively…”