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Fiscal Policy: Growth dimension and control of new Commission powers needed
ECON 15-05-2012 - 10:38  

The European Commission should have more control over fiscal policy in EU Member States, but not the free rein it asked for, says the Economic and Monetary Affairs Committee in texts, voted on Monday, stating a position on the economic governance "two pack". This increased power must be democratically controlled and serve to spur economic growth, MEPs say.

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Bank capital rules: reform to boost risk resilience and lending to small firms
ECON 14-05-2012 - 20:30  

Bank capital requirements must be strengthened to make banks more risk-resilient and the risk weighting of loans to small firms must be reduced to facilitate lending to the real economy, said Economic and Monetary Affairs Committee MEPs in a vote on Monday. Bankers' bonuses must not exceed their fixed pay, they added.

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Financial markets should be organised, transparent and fair for investors
ECON 26-04-2012 - 15:28  

Investor protection, better organisation of markets, new trading platforms and algorithmic trading emerged as the key issues for MEPs in draft financial market legislation discussed in the Economic and Monetary Affairs Committee on Wednesday.

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Financial transaction tax: a wider and stronger net is possible
ECON 25-04-2012 - 16:33  

The proposed financial transaction tax should be better designed to capture more traders and to make evading it unprofitable, says a resolution adopted on Wednesday by the Economic and Monetary Affairs Committee. The resolution also says the tax should go ahead even if only some Member States opt for it.

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Draghi quizzed on ECB liquidity programme and economic growth
ECON 25-04-2012 - 12:44  

The Eurozone still faces "the most difficult phase of the process", but growth fuelled by foreign demand and European Central Bank action will be forthcoming, ECB President Mario Draghi assured Economic and Monetary Affairs Committee MEPs on Wednesday. MEPs wanted to know where funds pumped into the system by the ECB were going, and urged it to more flexible so as to promote growth.

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
 
Sharon Bowles, Chair of ECON Committee@European Parliament  
 

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.