Europe should create an economic government with a fund to help euro zone economies if they get into difficulty, French Prime Minister Mr Lionel Jospin said today in a speech outlining his vision for Europe in the coming years.
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French Prime Minister Mr Lionel Jospin
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"For two years, the euro has acted as a shield against international financial crises and competitive devaluations," he said."We now need an economic government for the euro zone." he added.
"Let us create an economic action fund to which each country would have access and which could be used to support any country hit by world economic turmoil," he said in what was intended to be a landmark speech on future strategy for the European Union.
Mr Jospin said unfair competition between national tax regimes was unacceptable and that harmonising corporate taxation would eventually be necessary.
A European social treaty was also necessary, with labour rules at the European level, notably on lay-offs,wage policy and the quality of employment, he said.