Barnier: the EU needs more confidence and less fragmented markets

The Internal Market Commissioner opens the annual European Policy Centre (EPC) conference with a speech on the state of the Union. Cooperation and solidarity between member states is the recipe to boost competitiveness in Europe

More trust between member states and better co-ordination of budget and economic policies. These are the two key strategies with which Europe can finally come out of the crisis. And it is with this message that the Internal Market Commissioner, Michel Barnier, opened the annual conference of the European Policy Centre in Brussels. To meet the future economic and social challenges, confidence must be regained “first of all among ourselves” – says Barnier – “through intelligent regulation of the financial system and efficient supervision. This is the precondition for everything else, and a fundamental prerequisite for the restart of growth.” The Commissioner has thus emphasized the importance of progress on the road towards a banking union and a safer financial system.

For Barnier, though, fragmentation of European markets is the Union’s main problem. In the euro zone “we cannot have 18 different budgets and economic policies” – says the Commissioner – “we need to coordinate with an emphasis on sustainability of public debt.” Everyone must cooperate in a spirit of solidarity between Member States because “the crisis has shown how the problems of some, also immediately become other’s problems, if they are not addressed through a coordinated European strategy.”

The Internal Market Commissioner also stressed the importance of making progress in the European project of the Digital Single Market. According to Barnier, we cannot miss the huge potential of this market, an area in which “we are still behind” compared to big competitors in the rest of the world. Among the main future challenges mentioned by the Commissioner are: a new industrial policy that also provides more jobs in the service sector and investments in green technology and eco-friendly construction.

Marco Frisone