The European Union needs to move fast to wrap up its reforms of the euro zone before the European Parliament elections in May 2019. This is according to EU Economic Affairs Commissioner Pierre Moscovici.
“We must absolutely concentrate our efforts on reforming the euro zone,” he said. “We need to conclude in December,” he told a conference in Madrid on the eve of a meeting of finance ministers from the 19 countries that share the euro to discuss economic reforms in the single currency area.”
According to Moscovici, the upcoming European elections “will see a drop in support for traditional parties” that will result in a “more fragmented” European Parliament.
As reported by the Agence France-Presse (AFP), this could make reaching agreement on key eurozone reforms more difficult, Moscovici said following talks with Spanish Prime Minister Pedro Sanchez.
According to AFP, the reforms under discussion aim to connect eurozone economies more closely, make them more resilient to future crises, and to make banks more secure.