All of this presupposes that the powers of the EU’s supranational institutions, the European Parliament and the European Commission, will be significantly augmented. The Commission should become a proper government, with a popularly elected president. A European finance ministry should be created, and its head should preside over the Eurogroup (which convenes the finance ministers of eurozone member states). A special Assembly of the European Parliament, comprising the eurozone members, should have powers – on the model of a national parliament – to legislate and control the executive.
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