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April - July 2014

► The next ECON Committee meetings :
  • 14 July 2014 pm, Strasbourg (tbc)
  • 22 July 2014 Brussels (tbc)
 
► Reports voted in ECON (provisional versions)
In order to increase the public awareness of the reports and final texts voted in ECON, provisional versions are available to the public in Reports voted in ECON / final texts agreed with Council until the on-line publication in Documents : Reports or in Plenary.

   
 
Highlights
 
Plenary vote on ECON reports

The following ECON reports will be voted in Plenary in April II in Strasbourg:
 
  • Single Resolution Mechanism
  • Markets in financial instruments and amendment of the EMIR Regulation on OTC derivatives, central counterparties and trade repositories
  • Markets in financial instruments and repeal of Directive 2004/39/EC
  • UCITS V
  • Securities settlement and central securities depositories
  • Payment Accounts
  • Key information documents for investment products
  • Statistics in trade
  • Actions for damages

   
Possible adoption by Lithuania of the euro

Lithuania is the next Member State expected to adopt the euro, as of 1 January 2015.  The standard decision-making procedure in Council during June and July involves the consultation of the European Parliament which is particularly challenging this year due to European Parliament elections.
While the formal decision has to be taken by the new incoming ECON and Parliament, the current ECON Committee is undertaking most of the substantial preparation of the procedure. This informal preparatory work under the Rapporteur Mr Werner Langen (EPP, DE) is now progressing towards a vote of the informal ECON report on 7 April. This report will not be tabled to Plenary under this Parliament but remain unfinished business with a de facto political ECON mandate that will need to be reconfirmed by the new ECON committee. The new Parliament and new ECON will have to formally deal with this file as a matter of urgency in the beginning of July, towards an adoption in Plenary on 14-17 July 2014.
 
Monday, 7 April, room JAN 4Q2

   
“The prospects of establishing a debt redemption fund and introducing Eurobills"

Following a request by the European Parliament, in 2013 a Commission Expert Group on "The prospects of establishing a debt redemption fund and introducing Eurobills" was set up under the chairmanship of Ms Tumpel-Gugerell, former Member of the Governing Board of the European Central Bank.
This Public Hearing was the first occasion to present the Expert Group's final report to the general public. On top of the Chairwoman, four other members of the expert group were also present and gave some comments on their joint report.
 
Tuesday, 1 April from 15:00-17:00, room PHS 3C50

   
ECON delegations to Poland and to Washington

An ECON delegation visited Warsaw on 24/25 March to assess Poland's progress towards euro adoption. Members held exchanges with the Polish Government, the Parliament, the Central Bank, the Financial Supervision Authority, and representatives of banking sector, employers and trade unions.
 
An ECON delegation visited Washington on 24-26 March to discuss financial services regulation, the role of fin. services in TTIP, macro-economic policies and the fight against tax evasion. Members held exchanges with Members of Congress, US Treasury and US supervisory authorities, and think tanks.

 
Further information
 
 
Latest press releases
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ECON 01-04-2014 - 18:44  

Draft EU rules on key information small investors should be given before signing a contract were agreed by Parliament's negotiators and Council of Ministers representatives on Tuesday. Clear, comparable and complete information on investment products is to be provided in a mandatory, three-page A4 Key Information Document (KID). Parliament will put the agreed rules to a plenary vote in April.

ECON 20-03-2014 - 13:14  

Anyone legally residing in the EU should have the right to open a basic payment account, and this right should not be denied on grounds of nationality or place of residence, Parliament's negotiators and the Council representatives agreed on Thursday. Fees and rules for all payment accounts should be transparent and comparable and it should be easy to switch to another payment account that offers better terms, under the agreed new rules.

ECON 20-03-2014 - 11:12  

European Parliament negotiators on Thursday reached a deal with their member state counterparts on the single resolution mechanism to deal with failing banks. Many elements fell into place early in the morning after 16 hours of talks. The elements agreed will help to ensure that the system cannot become a hostage to political power games and can deliver swift and credible decisions.

Presentation and responsibilities
 
Committee responsible for:
 
1.    the economic and monetary policies of the Union, the functioning of Economic and Monetary Union and the European monetary and financial system (including relations with the relevant institutions or organisations);
 
2.    the free movement of capital and payments (cross-border payments, single payment area, balance of payments, capital movements and borrowing and lending policy, control of movements of capital originating in third countries, measures to encourage the export of the Union's capital);
 
3.    the international monetary and financial system (including relations with financial and monetary institutions and organisations);
 
4.    rules on competition and State or public aid;
 
5.    tax provisions;
 
6.    the regulation and supervision of financial services, institutions and markets including financial reporting, auditing, accounting rules, corporate governance and other company law matters specifically concerning financial services.
 
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Welcome words
 
 

The European Parliament is a major agenda-setter in the area of European policy and the Economic and Monetary Affairs Committee (ECON) plays a key role in the work of the Parliament. It has responsibility for such matters as the economic and monetary policies of the EU, taxation and competition policies, free movement of capital and the regulation of financial services (banks, insurance, pension funds, asset/fund management, accounting, international monetary and financial systems etc.). Moreover, as the great majority of Parliament's work is done at Committee level, it is ECON that does most Parliamentary work on these key economic and monetary policy areas. This puts ECON at the centre of the Parliament's work on the current economic and financial crisis and gives ECON significant influence on the policy agenda in the EU and internationally.
 
As regards the monetary policies of the Union and the functioning of EMU and the European monetary system, the accountability of the ECB vis-à-vis the Parliament plays a key role, as it acts as an important counterbalance to the central bank's independence.
 
ECON plays a key role in making EU law, because the Parliament is, together with the Council, the EU's co-legislator in most EU policy areas. EU law often determines the national laws and regulations in Member States, especially in financial services and, after the entry into force of the Treaty of Lisbon, in the area of EU economic governance. This allows an ECON Members to shape EU law in these important areas of EU policy.