"The EU is in need of a quantum leap forward to deepen political union and economic integration", says the draft report prepared by Pervenche Berès (S&D, FR) and tabled in committee on Monday.

The draft seeks to outline the committee's recommendations for a sustainable EU growth model to tackle the crisis. It has implications for the forthcoming EU economic governance reform, the EU 2020 strategy, fiscal and budgetary policy, financial regulation and supervision, and even for reform of global governance and the EU's representation worldwide.

Economic governance

Specifically, the draft report calls for the development of a European Treasury and euro bonds, a shift towards tax harmonisation within the EU, the transformation of the G20 into a new Economic Security Council and the setting up of a new international monetary system to tackle global imbalances. Speaking for the EPP group, Frank Engel (LU) described current economic governance proposals as a "step forwards", but added that "Europe is not only in need of economic governance".

Next steps

The deadline for tabling amendments to the draft report by Pervenche Berès is 13 April. The draft will be put to a committee vote on 30 May, and a plenary one in July. In the Chair: Committee Chair, Wolf Klinz (ALDE, DE)

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