Nicosia, Cyprus. Finance Minister Makis Keravnos on Wednesday warned that efforts by six of his counterparts to loosen financial regulations and deepen integration could risk fragmenting the European Union. The ministers from France, Germany, Italy, the Netherlands, Poland and Spain are due to meet in Berlin on Thursday.
Keravnos cautions against a separate structure
Keravnos told news website Politico that he did not believe a separate structure was feasible, saying it would conflict with the prevailing view in member states that fragmentation must stop. He said the priority should instead be to unify the banking system and capital markets.
E6 ministers seek closer integration
The six countries, known as the E6, have previously called for a “two-speed” Europe, with an inner circle pursuing deeper integration and a more active role in European decision making, and an outer circle linked to the wider European project but not part of its core.
German Finance Minister Lars Klingbeil said after an E6 videoconference in January that “now is the time for a Europe of two speeds” and that Europe must become stronger and more resilient to survive in an increasingly unpredictable geopolitical situation.
Plans for further talks
Klingbeil said the E6 countries wanted to drive Europe’s agenda and that other states could join their efforts. He said the group would meet again to discuss further plans to strengthen the euro, integrate military capabilities and advance a capital markets union.
