The European Commission could act as a treasury for the eurozone, a top European Central Bank policy setter said on Monday, arguing for politicians to take steps to show they want the euro to be a lasting success.
Benoit Coeure, who sits on the ECB's Executive Board, called for "a strong political commitment to complete Economic and Monetary Union so as to give the public, businesses and markets a strong signal that we are serious about making the euro a lasting success."
He backed the idea of creating a euro zone treasury, a step that would be unpopular by many euro zone states who want to protect their autonomy.
"One element here will be to strengthen the euro area executive with a euro area treasury, be it within the Commission or as a separate body," he said.
"Another element will be to build up a genuine legislative capacity at euro area level and to make institutions acting in the euro area's interest, such as the European Stability Mechanism, accountable to it."
Coeure also argued that for Europe's recovery to become structural, and thus to increase growth potential and reduce structural unemployment, monetary policy action is not enough on its own.