The EU proposes improving corporate governance in the Eurozone

V.R. (translated by Cosmin Ghidoveanu)
Ziarul BURSA #English Section / 22 octombrie 2015

The European Commission yesterday proposed measures to improve the way the Eurozone manages its economy in the short term, as part of a wide scale plan to integrate the Monetary Union, and to avoid a future crisis, respectively.

The officials in Brussels want a unification of the representation of states in the Eurozone in the IMF, so that, by 2025, the region will be represented by "one voice" within the IMF.

Valdis Dombrovskis, the vice-president of the European Commission, said: "Our voice in the IMF does not reflect the economic weight of the Eurozone. The member states of the region are spread out across six divisions, and in the case of the EU - across seven. These divisions matter, in order for the countries to agree on a common stance within the same precinct. If the Eurozone were talking using one voice within the IMF, that would better reflect the economic and financial weight of the Eurozone in the world's economy".

The European Commission is proposing for the president of the Eurogroup (the finance ministers in the Eurozone), Jeroen Dijsselbloem, to become the sole representative of the Eurozone on the Board of Directors of the IMF.

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