Reuters reports that European Council President Herman Van Rompuy may get an enlarged role as coordinator and spokesman for the euro in an effort to impose greater policy discipline in the single currency area.
France and Germany are to make proposals on strengthening euro zone governance later this month and the executive European Commission is also working on ideas to put to an EU summit in October.
The French daily Le Monde reported in its weekend edition that President Nicolas Sarkozy was among those pressing for Van Rompuy to be given more power in the management of the 17-nation euro zone.
A senior French official said: “We are examining governance in the euro zone in the context of the proposals the president wants to make with Chancellor (Angela) Merkel. There are several options on the table. We’ll know more at the end of August.”
Two senior EU sources said a central issue was trying to put an end to the cacophony among multiple policy-makers which has undermined markets’ confidence in Europe’s ability to surmount its sovereign debt crisis over the last 18 months.
“There has to be one voice,” said a senior official involved in preparing the monthly meetings of the Eurogroup finance ministers of the currency zone.
This if course is neither surprising nor unexpected. It is the way of the EUnion: Never let a good crisis go to waste.
But whatever your new powers, Mr. van Rompuy, do not for a minute presume to speak for us. You may represent the eurocrats, but you do not represent us. We did not vote for you. We didn’t want you. You do not speak for us.
You are not a legitimate pretender to the throne. You are an appointed functionary without a democratic mandate. You are of consequence in so far as your capacity to enlarge our misery is tolerated. And the time is drawing near that we will tolerate it no longer.