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The EU Economic Chief claimed eurozone member states should retain control of decisions involving the common monetary system via the European Parliament to avoid countries threatening to leave to take back control on a national level. Mr Moscovici argued EU leaders should push for a reform of the core European institution ahead of the European Parliament election in May 2019.

He said: “There is an elephant which is no longer in the room, but for me it needs to be reintroduced in the room, which is democracy. “I don’t see the future of the euro with anti-democratic governments. “The way we manage the euro is not satisfying. “A few years ago I talked about a democratic scandal. I didn’t mean that the decisions we were taking were scandalous, generally they were well calibrated.

EU news: Pierre Moscovici urges EU leaders to give member states more control over the euro

Our societies want more and more transparency, more and more accountability Pierre Moscovici

“But the fact that you can have 23 people in the room deciding on the fate of millions of others without any kind of democratic control, this is not viable. “In the long run, it is not possible. Our societies want more and more transparency, more and more accountability. “The euro is something very special because it is absolutely informal without any control. “We need control. People want to take back control and if we don’t want them to take back control nationally, we need to give them the chance to take back control at the European level.”