New Eurozone Watchdog Network welcomes efforts to reform the Euro, but more democratic legitimacy needed

Today, the European Commission proposed a series of long overdue reforms on how the Eurozone is governed, including changes to the European Stability Mechanism, a new EU Finance Minister and a dedicated budget. Recent reports from Transparency International EU have shown how a lack of transparency and accountability has led to weak decision-making around the Euro crisis.

The proposals coincide with the launch of a new Eurozone Watchdog Network of 18 organisations dedicated to monitoring the transparency, accountability and democratic standards of the Eurozone.

The Watchdog Network welcomes the Commission’s focus on more democratic legitimacy and institutional reforms. In the Network Manifesto, the undersigned organisations call on the Commission to begin negotiations on a legal agreement to make the Eurogroup accountable to the European Parliament, ahead of the 2019 EU elections.

“Major decisions affecting us all have been taken behind the closed doors of the Eurogroup for far too long”, said Leo Hoffmann-Axthelm of Transparency International EU. “Member States must stop hiding behind this lack of transparency and take full responsibility for their actions. The Euro must be governed in the interests of European citizens,” continued Hoffmann-Axthelm.

“We have always supported a stronger, more transparent and accountable Eurozone governance”, added Petros Fassoulas, Secretary General of the European Movement International. “We are happy to be part of this initiative, and will continue to advocate for this, including a bigger role for the European Parliament.”

Signed by Social Platform and the following organisations:

Access Info Europe
Better Europe
European Association for Local Democracy (ALDA)
European Confederation of Independent Trade Unions (CESI)
European Democracy Lab
European Movement International
European Women’s Lobby
Fair Finance Institute
Finance Watch
Positive Money
QE for People
Talous Demokratia
Union of European Federalists
UNI Europa