The purpose of a European minister of economy and finance... 183
(b) to strenghten policy coordination and overseeing economic, fiscal and
financial rules as part of the economic policy coordination implemented at the EU
level further to the financial crisis of 2008,
(c) to state on the adequate fiscal policy for the euro area in support of the
monetary policy of the ECB, coordinating the surveillance of the fiscal policies and
ensuring the implementation of the Stability and Growth Pact,
(d) to oversease the use of EU and euro area budgetary instruments including
instruments in support of reforms, macroeconomic stabilisation and convergence
in order to ensure that these budgetary instruments are used coherently and
effectively by all Member States.
The doctrine17 already proposed a list of responsibilities for the new minister
but in relation only with euro area and included the surveillance and coordination
of the fiscal and economic policies and also the implementation of all the current
instruments regarding the Stability and Growth Pact, covering also the European
Semester, excessive deficit procedure, the detection of imbalances and the excessive
imbalance procedure. Even if in 2012 it was mentioned that these instruments were
not successfully used the situation is currently the same mainly due to the fact that
there are many actors involved, Member States, EU institutions and intergovernmental
bodies. The Commission considers that the minister could ensure coordination and
coherence of the EU economic policy. As proposed by the EC now and by the doctrine
in 2012, the EU Commissioner post should merge with the Eurogroup President,
will be accountable to the European Parliament and will have more political power
on the euro area Member States.
The Minister will have the necessary powers to represent the EU and the euro area
in negotiations with other international financial institutions at global level but also at
EU level with Member States in the field of economic, fiscal and financial policies.
One interesting idea was mentioned in the doctrine18 regarding the negotiations
with Member States, in the Greece situation when the EU was basically represented
by the German chancellor, Angela Merkel, instead of an unique European voice that
was „representing the interest of the euro area as a whole” and not Germany as the
main creditor. It is clear that the interest of the European Union is not identical with
the interests of Member States and it is better for the future of the Union to have a
unique strong voice of the Union on matters related to economic policy.
One other role for the Minister of Economy and Finance will be to coordinate EU
economic policy but also to ensure consistency across policy areas using the newly
implemented instrument, Structural Reform Support Service (SRSS) developed by the
Commission. SRSS provides technical support to Member States to promote economic
reforms and to implement it. Regarding this aspect of reforms, it is important to
mention one idea proposed by the doctrine19 in the sense that the Minister should
17 Enderlein, Haas, What would a European Finance Minister Do?, p. 4.
18 Enderlein, Haas, What would a European Finance Minister Do?, p. 6.
19 Enderlein, Haas, What would a European Finance Minister Do?, p. 6, one responsibility of the EU
Minister shall be „to help buffer regional shocks”.