Table of Contents: I. T-Dem or the democratic question put back at the heart of economic governance. – II. The European Parliament, rather than an assembly of the Euro area. – III. The ways of strengthening the powers of the European Parliament. – IV. Taking into account the interest of the Euro area as a whole. – V. From democratic frustration to parliamentary challenge.
Abstract: The Euro Area crisis has strengthened the European Union's power to monitor the national economic policies but it has left unchanged the accountability obligations, vis-à-vis the European Parliament, of both the EU intergovernmental institutions and the European Commission. In order to reduce this democratic deficit, Thomas Piketty et al. support the idea to create a new parliamentary body specific to the Euro Area. In contrast, this contribution advocates the strengthening of the powers of the European Parliament. It recommends the generalization of the ordinary legislative procedure within Economic and Monetary Union, and the creation of a "euro area" subcommittee within the Committee on Economic and Monetary Affairs or the creation of a parliamentary office for the evaluation of economic choices.
Keywords: Economic and Monetary Union – democratic deficit – European Parliament – Euro Area Assembly – accountability – national parliaments.
* Research fellow, Robert Schuman Institute, Faculty of Law, Economics and Finances, University of Luxembourg, email@example.com.