Greater fiscal and political union is needed in Europe, and will be discussed by euro zone leaders within months, Joaquin Almunia, EU Competition Commissioner, told CNBC Saturday.
"This is one moment where we need greater integration. We need to learn from history to look forward with ambition," said Almunia, speaking on the fringes of the Ambrosetti Forum, at the Villa d'Este on the shores of Lake Como.
"We need fiscal union," he added. He said that European people "would understand" that greater union was needed, but that their political leaders needed to explain the situation to them.
"What we learned during 10 years of the Lisbon Treaty is that we need clear strategies and objectives," Almunia added.
As the debt crisis in the euro [EUR=X 1.398
-0.0112 (-0.79%) 
] region has escalated, the pressure on its leaders to ensure the future of the single currency has increased.A common theme of the gathering of political and business leaders was frustration at the lack of leadership from individual European countries.
"There is a lack of strong political leadership in Europe," Mario Monti, former European Commissioner, told CNBC. "We need the sort of strong leadership which helped bring in the euro."
CNBC
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http://www.cnbc.com//id/44369761
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