Table of Contents: I. Introduction. – II. Genuine EMU. – III. Wrong Method. – IV. Right Direction.
Abstract: The main problem of Economic Monetary Union (EMU) is not a weakness of parliamentary control but the lack of a strong executive. A fiscal union needs a treasury, housed within the Commission. No new parliamentary assembly is required outside the European Parliament. And no new treaty should be agreed outside the EU framework.
Keywords: Federal Government – Treasury - European Parliament - European Commission -EMU – Eurozone.
* President of the Spinelli Group, Visiting Fellow at the European Policy Centre, Member of the European Parliament 1999-2014, www.spinelligroup.eu.