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It may at first sight appear strange to be addressing the issue of longer term reforms to oursystem of economic governance when we have not yet completely dealt with the immediate difficulties, which are the legacy of past mistakes.
Yet these are two sides of the same coin: short-term solutions will not be credible in the absence of a longer-term perspective. The longer term perspective also presupposes that we can turn the corner on the current crisis. But in today's debate, I will focus, as the Parliament has suggested, on the longer term.
As you are aware, the conclusions of the Eurozone Summit of 26 October 2011 charged me, in close cooperation with the President of the European Commission and the President of the Eurogroup, to identify possible steps to strengthen the economic union to make it commensurate with the monetary union, focussed on strengthening economic convergence within the euro area, improving fiscal discipline and deepening economic union, including exploring the possibility of limited treaty changes. I will present an interim report to the December European Council, which will include a roadmap on how to proceed in full respect of the prerogatives of the institutions, including the European Parliament. A final report will be finalised by March or June 2012. The task I see for us is clear: we have to bring the economic monetary union to a solid end-state. I relish this opportunity to listen toyour views.
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