Brussels, 06/12/2017. Today, the European Commission proposed a series of long overdue reforms on how the Eurozone is governed, including changes to the European Stability Mechanism, an EU Finance Minister and a dedicated budget. Recent reports from Transparency International EU have shown how a lack of transparency and accountability has led to weak decision-making around the Euro crisis.

The proposals coincide with the launch of a new Eurozone Watchdog Network of 18 organisations dedicated to monitoring the transparency, accountability and democratic standards of the Eurozone.

The Watchdog Network welcomes the Commission’s focus on more democratic legitimacy and institutional reforms. In the Network Manifesto, the undersigned organisations call on the Commission to begin negotiations on a legal agreement to make the Eurogroup accountable to the European Parliament, ahead of the 2019 EU elections.

“Major decisions affecting us all have been taken behind the closed doors of the Eurogroup for far too long”, said Leo Hoffmann-Axthelm of Transparency International EU. “Member States must stop hiding behind this lack of transparency and take full responsibility for their actions. The euro must be governed in the interests of European citizens,” continued Hoffmann-Axthelm.

“We have always supported a stronger, more transparent and accountable Eurozone governance”, added Petros Fassoulas, Secretary General of the European Movement International. “We are happy to be part of this initiative, and will continue to advocate for this, including a bigger role for the European Parliament.”

Fair Finance Institute is member of the network.