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This year is of course the first time that the Commission has delivered its assessment of the draft national budgets, which it published last Friday. And work continues on deepening the EMU while ensuring full democratic control. The adoption of the Single Supervisory Mechanism is transforming the banking landscape; this needs to be accompanied by agreement on the Single Resolution Mechanism - as well as the Banking Resolution and Recovery and Deposit Guarantee Directives - by the end of this parliamentary term.
We also need to focus on how the EU can help those for whom recovery still seems a distant prospect rather than a reality. Support for the young unemployed is a particular priority. We must keep the pressure on Member States to implement the Youth Guarantee and to use European funding intelligently and efficiently to help young people. Six Member States have already shared their draft youth guarantee implementation plans with us and we are working with the remaining Member States to ensure that the plans are in place by the end of the year so as to ensure that the €6 billion of the youth employment initiative can be spent accordingly.
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With economic recovery still fragile, we need to exploit the full potential of the single market and our trade agenda and foster competitiveness across all sectors. Europe's economy needs a modern industrial base and streamlined regulation. This Parliament has given much attention to the proposals in the two Single Market Acts. Adopting legislation in areas like electronic signatures, payments and switching bank accounts will not only have a direct economic knock-on for the digital single market, they will also be felt directly by citizens.
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We are a community of values. At a time when our attention is directed at the economy, we must not lose sight of this: Our freedoms sustain our prosperity. To grow and create jobs, we must continue to safeguard and expand the freedoms of citizens.
The EU must also protect its citizens by adapting to new threats and challenges. Concrete action in the coming months to finalize the data protection framework will help to ensure that citizens and companies can exercise their freedoms and rights in security. The Commission will also be taking forward the reflection on the rule of law, as well as feeding into the debate on the future of Europe.
And let us not forget our common objective to conclude discussions on the statute and funding of European Political Parties in good time before the next elections.
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In his State of the Union, President Barroso called for sustaining our efforts to deliver on growth and jobs and complete the Banking Union, for Europe to emerge out of the crisis more united, stronger and open. We have acted under difficult circumstances: to safeguard the euro, strengthen economic governance, prepare the new MFF programmes. But there is still a lot we can do together in this mandate to deliver tangible results for EU citizens.
All this requires keeping up the good cooperation between Council, Parliament and Commission, as well as between EU and national levels, in support of a common set of priorities to get Europe safely out of the crisis.
Further speech, 29.11.13