Commenting on today’s Transparency International study on the Eurogroup’s lack of transparency, accountability and democratic scrutiny, Sven Giegold, the European Parliament’s rapporteur for transparency, accountability and integrity in the EU institutions, said:
“The study by Transparency International puts its finger into the wound of European democracy: the Eurogroup is the EU’s black hole. It is one of the biggest flaws of European democracy that such an important body works in such a non-transparent way and without European control. The democratic deficits of the Eurogroup make the EU as a whole vulnerable to criticism for a lack of democracy. The Eurogroup’s reform steps to date are far too short-sighted. In order to achieve accountability and control, the Eurogroup must be embedded in the institutional structure of the EU. Instead of a national finance minister as president, the Eurogroup should be headed by the EU finance commissioner. We need a Euro Finance Minister who is both EU Finance Commissioner and Eurogroup leader. We will put the debate on a Euro Finance Minister again on the agenda during the European election campaign. The Eurogroup should be controlled by the European Parliament. We need public minutes of the Eurogroup’s meetings. If the Eurogroup does not eliminate its democratic deficits, it will make itself vulnerable again and again, especially in times of crisis, thereby weakening itself”.