The importance of this legislature shows why the fight which took place during the election was so radicalised: the new Parliament and the governments will have to be able to finalize the transformation process of the monetary union and turn into a real political union, starting with the implementation of fiscal federalism.
With the decisions taken by the December Council regarding the banking and fiscal union and the start of negotiations on contractual agreements, the discussion on the launch of the economic and political union opens up.
The latest statements by the governments of both France and Italy seem to be willing to overcome the accusations to the german government of making sovereignty sharing a condition on which european growth policies will have to be based on, and they’re paving the way for an additional embryonic budget for the eurozone.
To bring about the banking, fiscal, economic, and political union by solving the issue of democratic legitimacy: that’s the road the eurozone governments, followed by the European institutions, have committed to take in order to secure the euro, resolving the sovreign debts crisis, and create a true economic and monetary union.
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