A possible fiscal union has to go hand in hand with joint decisions at European level on national budget deficits
"Austria’s position regarding the future of the EU is largely consistent with the essential facts of the paper which Presidents Herman Van Rompuy, José Manuel Barroso, Mario Draghi and Jean-Claude Juncker presented to the public in the preliminaries of the European Council. This discussion paper lays the foundation for the future development of the EU and in particular of the euro-zone", Federal Chancellor Werner Faymann stated at the press conference following the Council of Minister’s meeting today (Tuesday). "The proposals are a basis for further discussions on a future banking, fiscal and economic union as well as a union of democracies."
According to the Chancellor, this paper had to be distinguished from the Council conclusions, which would lay down clearly defined measures for more growth and employment. "A number of very important concrete employment initiatives will be adopted at the meeting of the European Council in Brussels in the course of this week. Between 120 and 130 billion euro are to be invested into economic growth and the labour market", said the Federal Chancellor. The necessary financial resources could be raised in different ways, e.g. through additional loans of the European Investment Bank, project bonds as well as reallocated resources from EU funds.
"In the medium-term the members of the European Union will have to think about a banking union with a single supervisor as well an EU-wide deposit guarantee scheme and a common bank bailout fund", said Faymann. It was in any case of crucial importance that a possible fiscal union went hand in hand with joint decisions at European level on national budget deficits. "We need more control, stronger commitment and more certainty regarding future decision-making processes. A stronger involvement of the European Parliament and intensified cooperation among national Parliaments is in the best interest of Austria", said the Federal Chancellor.