The finance ministers of Germany, France, Italy, Spain, Poland and the Netherlands held another meeting in Berlin last Thursday as part of the E6 initiative, with the stated intention of strengthening their efforts for more effective competitiveness, resilience and strategic autonomy of the European Union, even without the assistance of other member states.
The six finance ministers reaffirmed their commitment to a stronger, more efficient and more extrovert Europe, capable of responding to economic and geopolitical challenges and especially to the competition from the US and China.
A day before the new meeting of the E6, statements by Finance Minister Makis Keravnos were published in Politico, who perhaps for the first time made public Cyprus' disagreement with the fragmentary actions of some member states. "I don't think a separate structure (within the EU) is feasible, because it would conflict with the dominant perception in member states that fragmentation must stop," he said.
Mr. Keravnos underlined to Politico that the EU must continue in the direction of integration. "We need to unify the banking system, capital markets and other sectors. The six countries, which are the driving force of the European economy, support the integration of markets. Otherwise, it will be a step backwards," he noted.
The six priorities
At Thursday's meeting in Berlin (Germany appears to be promoting the creation of a leading core of states within the Union) the six finance ministers reportedly agreed that the mobilization of private capital is a key condition for financing the green transition, the digital economy, innovation and the industrial base.
In particular, the six main directions defined are:-Promoting stronger European supervision of capital markets through ESMA (European Securities and Markets Authority);
-Promoting the Savings and Investments Union;
-Reducing the fragmentation of financial markets;
-Facilitating cross-border investments, by reducing bureaucracy and national restrictions;
-Better financing of European businesses and in particular scale-ups of rapidly growing companies,
-Strengthening the EU's competitiveness vis-à-vis the US and China.
In particular, to upgrade competitiveness, the finance ministers of the six largest EU economies stressed that the Union must strengthen its competitiveness vis-à-vis the United States and China, especially in the fields of technology, innovation, industry and energy transition.
They also pointed out the need for more effective use of European investment resources and for the creation of a more favourable business environment. In the same context, they agreed that the EU needs to strengthen its economic resilience and reduce strategic dependencies in critical sectors.
They also agreed to continue their close coordination in view of European discussions on deepening economic integration and financing the Union's strategic priorities.
Trying to reassure smaller countries that fear being marginalized when making big decisions, the six ministers channelled the assurance to major agencies that their initiative aims to strengthen the European Union as a whole, without violating the institutional framework and procedures of the EU.
"Enhanced cooperation"
We remind you that last February, after an informal Summit near Brussels, it became known that the need for more frequent use of the institutional option of "enhanced cooperation" was discussed among the leaders, in order to circumvent the vetoes of some countries.
Enhanced cooperation is provided for through the EU treaties as a safety valve for the promotion of decisions and policies that do not ensure unanimity, provided that the consent of at least nine states is secured. If the condition of nine states is met, then the nine states – or more – can proceed to make and implement some decisions in the direction of greater integration – unification.
In fact, after that Summit, the President of the Commission, Ursula von der Leyen, said: "Our ambition must always be for decisions to be taken with the agreement of the 27 member states. However, where a lack of progress may undermine our competitiveness or ability to act, we must not resist using the possibilities provided by the Treaties for enhanced cooperation."
