EU member states have met time and again on the highest level to try to find a way out of the crisis. A while ago EU leaders agreed on an ambitious, but at the same time realistic, timetable for a banking supervisory mechanism for the euro area. They also decided to carefully assess other possibilities for deepened cooperation between the euro area countries.

The banking union is an important step forward, but it also creates challenges, particularly concerning adequate democratic accountability and control and the role for non-euro area countries.

– The Council conclusions contain many interesting proposals and we have to consider all elements without prejudice and in an open manner in order to compose a common overall vision, says Nils Torvalds, Member of the European Parliament. 

EU leaders emphasized that the single market cannot be fragmented. However, a deeper cooperation, which leaves all non-euro countries aside, risks fragmenting the EU. This would undoubtedly have consequences for the single market. A situation where one has to choose between the common single market and the common currency must be avoided.

– The Council has to understand that they risk driving a wedge between euro area countries and the rest of the EU Member States, which cannot be covered up by political rhetorics, warns Torvalds.