“European Central Bank President Christine Lagarde called on the European Union to abandon the veto of one country, proposing to impose a voting by a majority to increase the competitiveness of the bloc.”, – WRITE: www.pravda.com.ua
Source: Bloomberg with reference to the statement Lagarde during her speech in Dublin
Light Lagarda Language: “Since we are expanding our economy, we need to upgrade the decision -making process appropriately. In order to defend our positions, we must act as a whole in several key areas. This means that we need to structurally change the way of making decisions.”
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Details: The President of the European Central Bank emphasized that “the wider use of voting by a qualified majority will be more democratic.”
Bloomberg states that the veto of individual countries remains one of the key obstacles to effective EU decision making.
This problem was especially acute after Russia’s invasion of Ukraine, when Hungary Prime Minister Viktor Orban repeatedly blocked joint initiatives, complicating the bloc’s ability to act in the international arena.
Lagarde supported the idea of her predecessor as the chairman of the ECB Mario Dragi to expand the voting mechanism by a qualified majority. In his report on the future of Europe’s competitiveness, Dragi suggested to abandon unanimity in decision making and to apply voting by the majority in a wider range of spheres.
Recall:
- In October 2024, France and Germany did not support a proposal that was aimed at bypassing the veto of Hungary, which blocked the allocation of assistance to Ukraine by more than 6 billion euros.
- On March 13, it became known that Hungary demands to exclude from the EU sanction list of Russian oligarch Michael Friedman, otherwise it threatens to block the continuation of EU sanctions against about 2,000 Russians.
- In March, FT reported that Budapest’s decisive reluctance to continue a number of EU sanctions against Russia in recent days has led to the intensification of discussions among the Member States, to deprive Hungary of the right of voice when making key decisions.