STRASBOURG (Reuters) – European Commission President Jean-Claude Juncker made key proposals in his annual State of the European Union address to the European Parliament on Wednesday.
For more on the speech, see:
EURO ZONE INTEGRATION
A vice president of the European Commission to chair the Eurogroup of euro zone finance ministers and play the role of European Finance and Economy Minister, promoting reforms in states and deploying EU financial instruments to help states in recession or crisis. But he rejects French ideas of a separate euro zone budget and parliament, rather a “strong euro area budget line within the EU budget” and EU parliamentary scrutiny.
He backs that argument by calling for all EU states to adopt the euro and offering technical and financial help for countries that need it. With non-euro Britain leaving in 2019, only eight states accounting for 15 percent of EU GDP will be outside the euro zone. However, the likes of Poland and Sweden are wary politically of being drawn into the single currency.
Juncker also wants all states to join the European Banking Union, making bank supervision common across the bloc and more common standards in labor and social policies. He wants to set up a European Labour Authority and also wants governments to give up veto rights in areas such as corporate taxation
Article source: http://www.reuters.com/article/us-eu-juncker-factbox/key-points-in-junckers-2017-annual-eu-address-idUSKCN1BO0YH?il=0
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