PES Finance Ministers call for new urgency to be given to deepening of the Eurozone


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Finance Ministers from the PES family today called for renewed urgency to be given to negotiations for a reform and deepening of the Economic and Monetary Union during their meeting in Sofia.

Ministers recognized that current discussions on future of the Eurozone are in a critical stage. A short-term view is apparently dominating  the debate that could frustrate citizens’ expectations. The discussion led to the conclusion that is time for politicians and national governments to show renewed vision, energy and willingness to achieve a meaningful reform of the Economic and Monetary Union this year. This is the correct approach for ensuring social progress and economic growth.


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Pier Carlo Padoan, Italian Finance Minister and chair of the PES ECOFIN Ministers’ Network, said:

‘We need to achieve a reform package that includes an agreement on the completion of the Banking Union and comprehensive protection for European citizens’ deposits, more accountable, democratic, and transparent systems of Eurozone governance, and steps towards a fiscal capacity that is capable of responding to future economic shocks.’

It’s a shared view among the ministers that unless these opportunities are taken, Member states will be left without the tools necessary to offer substantial public goods,  achieve sustainable and inclusive growth, rebuild people’s trust in the European project or be properly prepared to prevent a future economic crisis.

Also in attendance at the meeting were:

  • Olaf Scholz, Finance Minister, Germany
  • Peter Kazimir - Finance Minister, Slovakia
  • Edward Scicluna, Finance Minister, Malta
  • Ricardo Mourinho Félix - Deputy Secretary of State and Finance, Portugal
  • Karolina Ekholm - State Secretary at the Ministry of Finance, Sweden
  • Pierre Moscovici - Commissioner for Economic and Financial Affairs, Taxation and Customs
  • Roberto Gualtieri - Chair of the ECON Committee in the European Parliament
  • Yonnec Polet - Deputy Secretary-General, PES