MEPs quizz new Eurogroup President Mário Centeno on Eurozone reforms

  • Current economic upturn is a unique opportunity to strengthen Eurozone
  • Reducing risk and non-performing loans is crucial to banking union progress
  • Eurogroup and ECB decision-making must be transparent and democratically accountable

Banking union, risk reduction and the transparency of Eurogroup and ECB decisions were among the topics raised by MEPs in a debate with Mário Centeno.

MEPs welcomed new Eurorgroup President Mário Centeno to the first of his regular meetings with the Economic and Monetary Affairs Committee.

They quizzed him on credible risk reduction in the banking union, which would enable progress on  the common EU guarantee for  retail bank deposits, the forthcoming EU Commission proposal on non-performing loans and how to promote convergence in the EU while deepening economic and monetary union (EMU).

They also grilled Mr Centeno on how to ensure accountability and transparency  in Eurogroup and ECB decision-making, not only for economic decisions but also for appointments to top jobs and a gender balance.

Mr Centeno stressed that current upturn in  the economic cycle is a unique window of opportunity to step up Eurozone reforms, deepen EMU and make the EU structurally stronger with a fiscal space for the future downturns.

You can listen to the video recording of the debate by clicking here.