EU's Barroso Defends Single Currency

President of the European Commission, Portuguese Jose Manuel Durao Barroso delivers a speech to the European Parliament in Strasbourg, France. Photo by EPA/BGNES

European Commission President Jose Barroso said Europe’s political commitment to the euro means investors would be wrong to bet against the single currency.

“The euro will continue to constitute a major tool for our development,” Barroso told the European Parliament in Strasbourg, France, on Tuesday, shortly before the vote of the new European Commission.

“Those who think it can be put into question must realize we will stick to our course. The European Union has the necessary framework to address all challenges that can appear.”

“This is a time for boldness. This is a time to show our citizens that we care, and that the entry into force of the Lisbon Treaty will make a real difference in our ability to serve their interests,“ Barroso said in his address.

He pointed out that Europe's economic and social situation demands a radical shift from the status quo and the new Treaty allows this to happen.

"We can start by asking ourselves: does the EU count in the world? And the answer is yes. But does the EU count as much as it should in the world? The answer is… not yet.“

The new 27-strong team of European commissioners is expected to get the approval of Euro MPs in a vote on Friday.

Each commissioner has already faced a hearing in the European Parliament.

The Commission is the EU's executive arm, responsible for drafting EU laws and ensuring that the 27 member states comply with the EU treaties.

Bulgaria's first nominee, Rumiana Jeleva, failed to convince MEPs about her suitability for the job, so she was replaced by Kristalina Georgieva.

The parliament's vote on the whole Commission was delayed by three months because ratification of the Lisbon Treaty was not completed until November.

Under the treaty, the number of commissioners will be reduced by a third by 2014. So this will be the last time MEPs vote for a Commission with candidates drawn from every member state.

The president of the Commission, veteran Portuguese conservative Jose Manuel Barroso, has already been approved for a second term by the EU government leaders.

The new line-up includes the UK's Baroness Ashton, the EU's High Representative for Foreign Affairs. The new post, created by the Lisbon Treaty, also makes her a Commission vice-president.

MEPs cannot vote on individual commissioners - only on the whole Commission team. But they can force changes in its composition by rejecting the whole team. That happened in 2004, when Italy withdrew its commissioner-designate for justice, Rocco Buttiglione. MEPs disliked his opposition to gay rights and conservative attitude towards women.

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