Economic Monetary Union and Euro Area

Benoit Coeure: He backed the idea of creating a euro zone treasury, a step that would be unpopular by many euro zone states who want to protect their autonomy, according to Euro News. One element here will be to strengthen the euro area executive with a euro area treasury, be it within the Commission or as a separate body, he said. Benoit Coeure, who sits on the ECB Executive Board, called for a strong political commitment to complete Economic and Monetary Union so as to give the public, businesses and markets a strong signal that we are serious about making the euro a lasting success. Another element will be to build up a genuine legislative capacity at euro area level and to make institutions acting in the euro area interest, such as the European Stability Mechanism, accountable to it. Copyright 2016 Reuters. Coeure also argued that for Europe recovery to become structural, and thus to increase growth potential and reduce structural unemployment, monetary policy action is not enough on its own. euronews provides breaking news articles from Reuters as a service to its readers, but does not edit the articles it publishes. (news.financializer.com). As reported in the news.