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EP president Martin Schulz pleaded for Member States to drop their "quick-fix" method in favour of "tangible, practical measures" during the inaugural session of the European summit in Brussels on 13 December. He said action was needed now. "We must not allow endless debates about the revision of the Treaties to distract us from the task of addressing the real problems facing us. You now have an opportunity to sort out this institutional mess at long last and strengthen European democracy."
President Schulz said practical steps were needed to deal with the crisis in four different areas. This included the prompt introduction of a single European supervisory mechanism for all banks, greater budgetary discipline matched by greater solidarity, a social pact to help the EU achieve its objectives of a high level of employment and social protection and the establishment of a genuine economic union under democratic scrutiny.
He emphasised that the European Parliament is the body which must exercise democratic scrutiny over all decisions taken at EU level. "A Europe which is not democratic will never be accepted by ordinary people. A democratic Europe must be based on the principle that democratic scrutiny is exercised and accountability applies at the same level at which a given decision is taken."
He continued: "I welcome the fact that in recent months a consensus has emerged in the Commission and in the European Council - albeit rather belatedly - acknowledging that the European Parliament is the source of legitimacy for all EU policies. What is disturbing, however, is that the European Parliament - despite the pledges made concerning the 4+1 format - was not consulted any further on the Van Rompuy paper. Such blatant disregard for Parliament is unacceptable."
Member States reached an agreement on a banking union, which will now have to be negotiated with the European Parliament.