Why Vote in the European Election?

Why is it so important for EU citizens to vote on Sunday? What effect do the decisions of the European Parliament really have on Europe’s future?

Mauro Vittorangeli: After the 2008 financial crisis, the European Union had to come up with a common political approach to managing the greatest crisis since World War Two. There were some difficulties with getting started. But then, in the eyes of the capital markets, three actions in particular were taken that strengthened the EU: the European Stability Pact, the European Central Bank’s clear support for the euro, and the political will to form a banking union. From the economic viewpoint, today the EU is already a single unit, and thanks to its integrated markets and financial systems, it’s the biggest economic region in the world. A strong electoral turnout would be the best possible confirmation that the EU will be able to keep moving ahead on this track, and is not at risk of political stalemate. Additional reforms and a greater importance of the EU Parliament might help persuade Europe’s citizens to become more involved.

What impetus do you expect from the EU election – especially where the current reforms are concerned? We’re talking most of all about further reducing government debt.

Mauro Vittorangeli: Consensus will be crucial in reducing debt and achieving financial stabilization. If the EU Parliament can take a more active role, that would help with this difficult task. For the first time, Parliament will now elect the President of the Commission directly. That’s a promising step. It will strengthen the European authorities in comparison to the national ones. Likewise, including the EU Parliament in approving the individual national budgets would ensure greater political cohesion.

Europe is competing with regions all over the world that have significantly more raw materials, and where demographic development is significantly more advantageous. How can Europe stay competitive here?

Isabel Reuss: I’m optimistic. Many countries all over Europe have been successful at internationalizing their business because they have competitive advantages. It’s especially the quality of the products and services that makes the difference. We need to continue to take advantage of that and even expand it. Innovation and know-how are crucial in order for Europe to defend its position. And we mustn’t underestimate the value and abundance of the diverse culture that Europeans have built up over the decades.

The concept of Europe is very much a part of the lives of our interviewees, who work in another European country far from their birthplace. 

Nicolai Tewes
Allianz SE
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