Mario Draghi, President of European Central Bank. Photo: Special

JAKARTA (TheInsiderStories) – Amid the British exit (Brexit) rebellion against Prime Minister Theresa May government in United Kingdom, European Parliament calling the unity as the European Union (EU). As the most tangible representation of European integration, the EU has been ensuring economic prosperity and stability over the long-term to the members of state, stated Mario Draghi, President of the European Central Bank on Tuesday (01/15).

In his speech of  EU Parliament anniversary, he said that it is fitting to celebrate the memory with the directly elected representatives of all the citizens. With the Single Market, EU had a powerful engine of sustainable growth to underpin the living standards; the EU has safeguarded the integrity of the Single Market.

“Today, our economies are integrated to a point that was not imaginable when the euro was designed. Intra-EU exports rose from 13% of EU GDP in 1992 to 20% today and value chains are everywhere in the euro area,” he said.

He revealed that the Euro has produced two decades of price stability also in countries. The stable prices have fostered people’s confidence in the value of their savings, which is one of the conditions for prosperity. Based on such confidence, firms invest and create new job.

Without alluding to the UK’s attempt to left, he noted that the most challenges are global and can be addressed only together.

“It is this “togetherness” that magnifies the ability of individual countries to retain the sovereignty over the relevant matters, sovereignty that would otherwise be lost in this global world,” he added.

He detailed that the great progress has been achieved since the crisis struck, but more work still needs to be done. There is no alternative to a future where they will continue to work together to make the Economic and Monetary Union (EMU) an even stronger engine of prosperity for all its member states.

But in some countries, he acknowledged, not all of the Euro’s benefits have been realized in full. It is not only caused by reforms at national level are necessary, and they would be so under any monetary system, to produce sustainable growth, but also because the EMU remains incomplete.

“It is together that we have a voice in the regulation of international financial markets; a voice, which has been fundamental in reshaping the world financial regulation after the global financial crisis,” he explained.

Therefore, in the upcoming periods, the European Parliament will have a fundamental role in guiding and designing the European future. In the past, together with the EU leaders, the European Parliament took the fundamental decisions to create the Single Market, and in it replace the euro.

He is optimistic that all the nation of EU reaping the benefits of founder commitment.  Then, the future generation of Europeans to similarly benefit from the Parliament commitment as well now.

“Today, our duty is to complete what was started two decades ago,” he concluded.

As we know, PM May won a confidence vote in the British parliament on Wednesday [01/16] and then appealed to lawmakers from across the political divide to come together to try to break the impasse on a Brexit divorce agreement.

Lawmakers voted 325 to 306 that they had confidence in May’s government, just 24 hours after handing her European Union withdrawal deal a crushing defeat that left Britain’s exit from the bloc in disarray.

After the results of the confidence vote, May said she believed parliament had a duty to find a solution that delivered on the 2016 Brexit referendum result.

But with Members of Parliament deadlocked on the way forward, the UK could face a disorderly no-deal Brexit, a delay to Brexit, or even another referendum on membership.

She also met several party leaders, but the main opposition leader, Jeremy Corbyn from Labour Party, refused to hold talks unless a no-deal Brexit was ruled out.

However, Corbyn said no positive talks were possible unless a no-deal Brexit was taken off the table. His party wants a permanent customs union with the EU, a close relationship with its single market and greater protections for workers and consumers.

He and other senior political figures fear that stopping Brexit could alienate the 17.4 million people who voted to leave.

Written by Daniel Deha, Email: theinsiderstories@gmail.com