Nov. 9 (Bloomberg) -- European Commission President Jose Manuel Barroso warned against a fragmentation of the euro area and said leaders should move ahead to make all European Union member states a part of the single-currency area.
A monetary union in which members can “opt out” would impinge on the core principles of unity, Barroso said in a speech sponsored by the Konrad Adenauer Stiftung today in Berlin. He said that the long-term objective of the EU should be to establish a “truly economic union.”
“All the European Union members should have the euro as their currency,” Barroso said in the “State of Europe” speech. “The idea that we have two unions in Europe means disunion.”
Barroso reiterated that the Commission will put forward a proposal to set up jointly issued euro bonds, a position rejected by Chancellor Angela Merkel’s government as well as others.
--Editors: Ben Livesey, John Simpson
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