Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-05-15-Speech-2-257"
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"en.20010515.10.2-257"2
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"The Commission has made several attempts to improve the coordination of the European Union and the Monetary Union in order to resolve the problem of the external representation of the International Monetary Fund.
An agreement was reached in Vienna at the end of 1998, on the basis for a Commission proposal which, however, the Member States did not take up. The Commission’s proposal was that, in accordance with Article 111(4) of the EC Treaty, the decision would be taken that the Community would in principle be represented by the Presidency of the euro zone, the European Commission and the European Central Bank.
However, the Member States reached an agreement of a different nature, reducing the validity of this proposal, particularly with regard to the role of the Commission, which was reduced to a kind of support for the Presidency of the euro zone. But these already limited proposals are not being applied in practice.
In practice, what has so far been achieved is something of an improvement in the coordination of economic policies and, through the Economic and Financial Committee, an exchange of points of view in relation to the positions adopted in the International Monetary Fund.
This coordination is taking place both in Brussels and in Washington and I believe that it has brought some progress in the process of coordination.
Now, if you ask me if the Commission is satisfied with this process, I must reply that we are not and nor are we satisfied with the degree of coordination achieved, although we are aware of two limitations: firstly, the International Monetary Fund is made up of States. The Union is not a member of the Fund as such – a factor which causes us some interesting difficulties. Secondly, the Fund itself is currently subject to a review of its statutes, a factor which must also be taken into account in order to make progress on the process of external representation."@en1
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