A super-minister of finance of the Eurozone who will also be vice-president of the Commission, president of the Eurogroup and will answer for his work to the European Parliament. This is the main proposal of the reform package of the euro area proposed by the number one of the Commission, Jean Claude Juncker, in view of the summit of heads of state and government of the euro area which will be held in mid-December in Brussels.
THE NEW EMF
In Juncker's projects, the new super-minister will lead the State-saving Fund (ESM), which in the meantime will be transformed into the European Monetary Fund, with a firepower of 500 billion. Money that will be used to finance national reforms and investments and to help governments in times of crisis.
GERMANY'S PROJECTS
Germany agrees, but wants the Fund to have the power to control the state budgets and to automatically sanction those who go over the accounts. In short, he wants the EMF to acquire the power to supervise and control national tax policies, which would be transferred to him by the European Commission through the modification of the Treaties. And naturally, the countries that matter most would govern the Fund: above all Germany and France.
JUNCKER'S ANSWER
Juncker, on the contrary, wants the new superminister to judge the state accounts, precisely to prevent Berlin from replacing the Commission in the role of judge of public budgets. In this way, however, the Superministro himself would become a figure capable of overshadowing political leaders. It will be difficult for rulers and heads of state to accept such an option.
THE FISCAL COMPACT CARD
To balance the proposals unwelcome to the Germans, Juncker plans to include the Fiscal Compact in the EU Treaties. But many countries, especially Italy, fear that such an operation will result in the end of flexibility. From Germany, however, they let it be known that nothing will move until a new government arrives in Berlin.
