The euro zone members were called on Thursday to speak in one voice with a single seat in international forums such as International Monetary Fund (IMF).
"The euro area must build an international strategy so that it can play a full part in pursuing global stability and project and defend its interests in the world," EU Economic and Monetary Affairs Commissioner Joaquin Almunia told an economic forum in Brussels celebrating 10 years of European Economic and Monetary Union (EMU).
"This means first developing common positions on international issues so that we can speak with a strong single voice. Once accomplished, the logical next step will be to consolidate our representation and obtain a single seat in international forums," he added.
Almunia said after 10 years since the EU made its decisions in 1998 to establish the world's first-ever single currency area, the euro has become the second most important currency in the world, so there was a strong case for the 15-nation euro zone to increase its presence in the global arena.
With the euro zone is gaining influence in the global economy and financial system, Almunia warned it was also more exposed to shocks originating in other parts of the world and to disruptive portfolio shifts between key international currencies.
"In a globalized world, failure to define and promote our interests on the world stage is neither wise nor responsible," he said.
The European Commission has long supported the idea of a single representation for the euro zone in major international forums including IMF, but some major members in the area remained reluctant to give up their individual seat for fear of losing influence.
In a report released last week, the Commission listed an enhanced international role of euro zone as one of the three pillars in an agenda to push the economic integration forward in the next decade.
The report urged eurozone members to play a more active and assertive role both in multilateral forums and through its bilateral dialogues with strategic partners.
Almunia's call was echoed at the same forum by Luxembourg Prime Minister Jean-Claude Juncker, who also heads the 15-nation euro group.
"In the long term, the eurozone will be represented in the IMF by one single seat," Juncker said.
He turned against France, which many experts identified as one of the greatest obstacles to eurozone unity.
France will take over the EU rotating presidency from Slovenia in the second half of this year.
However, IMF Managing Director Dominique Strauss-Kahn told the forum a single seat for the euro zone may be symbolic, but the more important issue was whether the 15 eurozone members can really speak in one voice.
"The question is not to know whether or not the eurozone should have a single chair in the World Bank, in the IMF, and in other institutions," he said. "The question is whether or not they are able to have a single policy."
"Having several chairs in different institutions is not a problem if everybody says the same thing," he added. "The question arises when they do not say the same things."
Source:Xinhua
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