Economic and Monetary Affairs Committee MEPs approved their contribution to the EU economic governance debate on Tuesday, a few weeks before Herman Van Rompuy's economic governance task force is due to unveil its plans.
"Through the adoption of this report today we have set the European Parliament's path and priorities on this subject, which, in some cases, goes further than the Commission proposals presented last week. We will soon start working on the legislative proposals so as to ensure consistency and develop the key points adopted in today's report", rapporteur Diogo Feio (EPP, PT) said after the vote.
Key points in the resolution
· It should also be countries running high surpluses and not only those with high deficits which should be required to undertake adjustments as a result of the detailed country-by-country surveillance to be established.
· The procedure to monitor debt build-up should be designed in such a way so as to allow for country specific conditions, such as Poland's request to be given some margin for manoeuvre while it reforms its pensions system.
· A permanent European Monetary Fund should be established after the Commission has carried out an assessment of the advantages and disadvantages. This assessment should not take more than a year. The fund would make permanent the current European Financial Stability Facility, which was established with a shelf-life of three years.
· The Commission is urged to carry out a feasibility assessment of a system which would allow for the issuing of European bonds. An analysis of the legal alternatives to this should also be included in the assessment.
· A high-level group chaired by the Commission should be established with the task of studying potential institutional changes to ensure better economic governance, including the possibility of a European Common Treasury, so as to reduce the EU's dependence on national financial transfers.
· An increased role for the European Parliament is previewed in the national budget vetting procedure. The idea is to raise awareness, visibility and accountability of the steps being taken and also of the work done within the EU institutions
· Although the resolution asserts that much can indeed be achieved without needing to change the EU treaty, it also calls on the Commission to look into the limits which exist and develop ideas for a Treaty reform to achieve real economic convergence among Member States.
The resolution will now be put to the plenary vote at the end of October. Parliament will then set about approving the legislation with Council to reform the legal system regulating the co-ordination of economic policy among Member States and the measures to be taken against those running excessive deficits
© European Parliament
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