Deciding on Greece’s fate behind closed doors cannot continue, says Moscovici

Deciding on Greece behind closed doors and without accountability cannot continue forever, Economic Affairs Commissioner Pierre Moscovici said on Thursday, speaking at the Brussels Economic Forum and called for more democracy and transparency in the decision-making process of the Eurozone.

“We must not be so proud that there is no accountability […] Deciding behind closed doors for Greece’s fate, without any democratic accountability is something that cannot continue forever,” he said , adding that decisions taken at the Eurogroup should in the future be brought to the European Parliament, whose role must be strengthened.

Moscovici also noted that to strengthen the economic and monetary union, the member-states must, among others, agree to share more responsibilities and decisions on euro area issues within a common legal framework.

“The decision-making process must be transparent and democratic,” he said and reiterated the idea for the creation of a Eurozone fund – possibly with a Eurozone budget – as well as the appointment of a full-time Eurozone finance minister.

“This is in the interest of all European citizens. After Britain’s exit from the EU, Eurozone’s economies will represent 85 percent of the EU’s total GDP. This underlines the central role that the euro will have in the future of the EU’s 27 [member-states],” he explained.