The vice-president of the European Commission Olli Rhen expressed his point of view on the eurozone: “Today, a breakthrough has been reached that will allow a further significant strengthening of economic governance in the euro area. I sincerely thank the European Parliament and the Irish Presidency for their constructive cooperation, which has allowed for the successful resolution of the last outstanding issues, as well as the Danish and Cypriot Presidencies for all of their hard work over the course of 2012.
The agreement on the Two-Pack in this morning’s trilogue should pave the way for a completion of the legislative process in the next few weeks so that these two key Regulations can swiftly enter into force. This will mean that the euro area can benefit from a more integrated and effective policy-setting framework already for the 2014 budgetary cycle. The rebuilding and reinforcement of our economic and monetary union is underway.”
The adoption of the Two-Pack is the essential foundation for the next steps in that process. The Commission intends to come forward in the coming months with further ambitious proposals to that end, as set out in the Blueprint for a Deep and Genuine EMU adopted last November.