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| Let Italy and the UK usher in a new era for the EU | Let Italy and the UK usher in a new era for the EU |
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| After years of "just-in-time" measures to avoid crisis within the eurozone, it is time to reflect on what kind of Europe we want for the future, and what arrangements will help fill the gap with citizens. Either Europe is able to answer fundamental questions about its future, or it can no longer be a sustainable project. This means that in the coming months there is an opportunity to forge a new Europe in which all countries, those that share the single currency and those who have decided not to join it, see their common future. Italy and UK should engage together in leading such a reflection. | After years of "just-in-time" measures to avoid crisis within the eurozone, it is time to reflect on what kind of Europe we want for the future, and what arrangements will help fill the gap with citizens. Either Europe is able to answer fundamental questions about its future, or it can no longer be a sustainable project. This means that in the coming months there is an opportunity to forge a new Europe in which all countries, those that share the single currency and those who have decided not to join it, see their common future. Italy and UK should engage together in leading such a reflection. |
| For the euro area, further steps will be needed to improve the governance of the single currency. More integration is necessary to ensure that the system works better for stability and growth. This applies for instance to banking union, where an appropriate resolution mechanism should be established to match the progress made in the area of supervision. This will help separate sovereign and banking risks, mitigating the credit crunch and reducing the fragmentation of the financial markets along national borders. | For the euro area, further steps will be needed to improve the governance of the single currency. More integration is necessary to ensure that the system works better for stability and growth. This applies for instance to banking union, where an appropriate resolution mechanism should be established to match the progress made in the area of supervision. This will help separate sovereign and banking risks, mitigating the credit crunch and reducing the fragmentation of the financial markets along national borders. |
| Progress should also be made in the co-ordination of economic policies, to ensure that eurozone economies advance on structural reforms and converge more in the policy areas relevant for strengthening productivity and growth. Greater co-ordination should go hand in hand with a system to provide incentives for the member states committing to implement difficult reforms in times of consolidation, for instance through an embryonic form of a fiscal capacity of the eurozone. While moving towards more integration, we also need to ensure appropriate accountability to parliaments, at both EU and national level. This will mean moving towards deeper economic but also political integration. | Progress should also be made in the co-ordination of economic policies, to ensure that eurozone economies advance on structural reforms and converge more in the policy areas relevant for strengthening productivity and growth. Greater co-ordination should go hand in hand with a system to provide incentives for the member states committing to implement difficult reforms in times of consolidation, for instance through an embryonic form of a fiscal capacity of the eurozone. While moving towards more integration, we also need to ensure appropriate accountability to parliaments, at both EU and national level. This will mean moving towards deeper economic but also political integration. |
| Clearly, greater integration in the eurozone should not challenge the integrity of the single market or leave countries outside the eurozone less comfortable with their membership of the union. Italy has always advocated that any progress towards eurozone integration should take into account the rights of countries outside the eurozone. Now we need to reshape the union, so that it can accommodate the interests of countries which want to move forward towards greater political and economic integration, and countries which prefer a co-operation around the single market. It is in our interest that the UK is actively engaged in the EU. We both need a European Union that is more focused on competitiveness and more accountable to citizens. We will work together to give good reasons for the UK to see its future in a reformed European Union. | Clearly, greater integration in the eurozone should not challenge the integrity of the single market or leave countries outside the eurozone less comfortable with their membership of the union. Italy has always advocated that any progress towards eurozone integration should take into account the rights of countries outside the eurozone. Now we need to reshape the union, so that it can accommodate the interests of countries which want to move forward towards greater political and economic integration, and countries which prefer a co-operation around the single market. It is in our interest that the UK is actively engaged in the EU. We both need a European Union that is more focused on competitiveness and more accountable to citizens. We will work together to give good reasons for the UK to see its future in a reformed European Union. |
| The starting point is that we should work together to reduce the irritants that make membership more difficult for the UK. For instance, we can work together to ensure that EU regulation works to support private sector competitiveness and do not stand in its way with too many rules and excessive administrative burden. We need more effective common institutions and a constant attention that money is spent in well-targeted and efficient ways. | The starting point is that we should work together to reduce the irritants that make membership more difficult for the UK. For instance, we can work together to ensure that EU regulation works to support private sector competitiveness and do not stand in its way with too many rules and excessive administrative burden. We need more effective common institutions and a constant attention that money is spent in well-targeted and efficient ways. |
| At the same time, we can work together to improve what brings value added to the UK membership of the EU. It is in our common interest to put the focus of EU policies squarely on growth. This means for instance deepening the single market – the powerhouse of the EU economy. More can be done in the area of services, energy or in the digital economy. We should also join forces to push for a conclusion of the transatlantic free trade agreement (TTIP) with the United States, which will see the UK and Italian economies as the main beneficiaries. There is also scope for advancing a common agenda in the area of external relations and in the defence sector. | At the same time, we can work together to improve what brings value added to the UK membership of the EU. It is in our common interest to put the focus of EU policies squarely on growth. This means for instance deepening the single market – the powerhouse of the EU economy. More can be done in the area of services, energy or in the digital economy. We should also join forces to push for a conclusion of the transatlantic free trade agreement (TTIP) with the United States, which will see the UK and Italian economies as the main beneficiaries. There is also scope for advancing a common agenda in the area of external relations and in the defence sector. |
| If the union has to change its policies, we cannot escape a discussion on the political dimension and on legitimacy. Europe needs also a new narrative for the generation of citizens born after the second world war. The election of a new European parliament and the appointment of a new European commission will be an opportunity for a fresh and frank look at the kind of Europe we want for the future. We want these issues to be at the heart of the Italian presidency of the council in the second half of 2014. | If the union has to change its policies, we cannot escape a discussion on the political dimension and on legitimacy. Europe needs also a new narrative for the generation of citizens born after the second world war. The election of a new European parliament and the appointment of a new European commission will be an opportunity for a fresh and frank look at the kind of Europe we want for the future. We want these issues to be at the heart of the Italian presidency of the council in the second half of 2014. |
| A UK with a strong, confident, secure position in the EU is a shared interest for the UK and Italy. A European Union without the UK would be different from the EU which Italy wants: less liberal in its economic policies, less open-minded and pragmatic in its approach to policies, with less leverage in world affairs. The EU is set to change in the coming years. It is in the interest of both Italy and the UK, and for the benefit of Europe, if our two countries work in partnership to write a new script for the European Union of the future. | A UK with a strong, confident, secure position in the EU is a shared interest for the UK and Italy. A European Union without the UK would be different from the EU which Italy wants: less liberal in its economic policies, less open-minded and pragmatic in its approach to policies, with less leverage in world affairs. The EU is set to change in the coming years. It is in the interest of both Italy and the UK, and for the benefit of Europe, if our two countries work in partnership to write a new script for the European Union of the future. |
| • This is an excerpt from a speech Enrico Letta is making at Chatham House in London tonight |