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Barroso sees economic recovery and urges banking union
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European Commission President Jose Manuel Barroso declared yesterday that economic recovery was within sight after nearly four years of Europe’s debt crisis and urged governments to move faster to complete a stalled banking union.
In his last State of the Union speech before European Parliament elections next May, Barroso offered no new policy proposals but appealed to member states to redouble efforts to quell financial turmoil that has led to a drawn-out recession and soaring unemployment.
“What we can and must do first and foremost is deliver the banking union. It is the first and most urgent way to complete our union,” he told lawmakers in Strasbourg.
His comments were an implicit challenge to Germany, the European Union’s leading power, which has worked to limit the scope of a single banking supervisor and slow the drive for a single bank resolution authority and fund, citing legal constraints and the wish to spare its taxpayers from liabilities for others’ banks.
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