THE EUROPEAN Union has to speed up its decision-making process and respond more rapidly to financial markets, the president of the Eurogroup countries, Jean-Claude Juncker, said in Strasbourg yesterday.
Mr Juncker, who is also prime minister of Luxembourg, said he did not know a single politician in the euro area or the broader EU “who would be happy with the rhythm we have”.
He said new economic governance measures, known as the “six pack”, which are expected to be approved by the European Parliament today, would facilitate action in dealing with the financial crisis.
“As everyone is saying, we have to speed up these decisions. I hope we’ll find those around the table who will be collectively willing to speed up the decisions,” he said.
Mr Juncker refused to comment on reports from Portugal that a second bailout might be needed there.
He was speaking after briefing MEPs on his thoughts on long-term solutions to the debt crisis. He told MEPs he was “absolutely and vehemently opposed to the idea that one or two member states can be forced to leave the euro zone. That would not solve anything.”
He cited Ireland as proof that managing large deficits was possible. “This clearly shows that there is a way out of the situation different countries are in. Ireland is on a good track,” he said.