Given the EU's legal and institutional structure, the European Parliament (EP) is in a weak position to fully participate in the governance of the Economic and Monetary Union (EMU). The Eurozone crisis did not alter this situation. Instead, the European Council and the Eurogroup gained many new, discretionary powers without being bound by any kind of uniform, coordinated or reliable control mechanism of the European Parliament. Overall, the parliamentary dimension of the EU's democracy deficit has been intensified. This paper explores ways to bring the European Parliament back into the reformed EMU governance framework.
Paper prepared within the framework of the IAI project "The Political Future of the Union".
1. Principles for democratizing the EMU
2. Democratic imbalances
3. Reform proposals under review
3.1. Equalization of the European Parliament with the Council
3.2. A Euro-Chamber
3.3. A Euro-Parliament
3.4. Limiting the EP's voting rights to Eurozone MEPs
3.5. Give the European Parliament's self-determination a chance
3.6. The Conference of European and National Parliament committees
Conclusion: Towards deeper multi-level parliamentarism