On Monday, 23 March, from 15:00 to 17:00, ECON will welcome ECB's President Mario Draghi for the first Monetary Dialogue of this year. President Draghi will present the ECB's perspective on economic and monetary developments before entering in a discussion with Members, which will also cover two specific issues:
• ECB Quantitative Easing (QE): lessons drawn from QE experiences carried out by other major central banks
• Interrelation between financial stability and monetary policy at the current juncture
Monday, 23 March from 15:00-17:00, room JAN 6Q2
The European Central Bank’s expanded asset purchase programme, better known as “quantitative easing” (QE), is starting to make headway across the EU, ECB President Mario Draghi told Economic and Monetary Committee MEPs on Monday. Mr Draghi also reported on the tough negotiations with Greece and outlined what it would take for the ECB to reinstate the waiver for buying Greek state bonds on the secondary market, so as to enable QE to benefit Greece, too. (Read more)
Parliament should have a bigger role in supervising the operations of the new European Fund for Strategic Investment (EFSI), in selecting its top officials and in the decisions on how to feed the guarantee fund, says the draft report by the budgets and the economic and monetary affairs committees, presented and discussed on Thursday in Strasbourg. (Read more)
The European Fund for Strategic Investments (EFSI) must focus on currently underfunded areas, so as to complement, not duplicate, other EU budget tools, said MEPs at Monday’s expert hearing on the Juncker investment plan proposals. The hearing was held by the Budgets and Economic and Monetary Affairs committees with a view to shaping legislation for the investment plan. (Read more)
Parliament’s newly-established Special Committee on Tax Rulings elected Alain Lamassoure (EPP, FR) as its chair at its constituent meeting on Thursday morning. As vice-chairs, the committee elected Bernd Lucke (ECR, DE), Marisa Matias (GUE/NGL, PT) and Eva Joly (Greens/EFA, FR). Rapporteurs will be appointed on 9 March. (Read more)
Welcome to the Committee on Economic and Monetary Affairs (ECON). The Committee is responsible for Economic and monetary Union (EMU), the regulation of financial services, the free movement of capital and payments, taxation and competition policies, and the international financial system.
The 7th legislature was marked by the most serious economic, financial and social crisis of recent times. The ECON Committee played a decisive role in the adoption of legislation responding to the crisis and took on an increased workload of scrutiny and reports. Consequently the Parliament decided to enlarge the Committee from 50 to 61 Members.
Our top priority today is growth and jobs. Stability, the promotion of investment, reform and social cohesion must be mutually reinforcing. ECON will promote a serious debate on this agenda.
I am convinced that we must move now towards a genuine EMU with an effective economic government, accountable to Parliament.
We need to complete key legislation on banking reform, financial crime and promoting investment in long-term growth-related projects.
We also have to ensure that the new regulatory framework is properly implemented and reviewed, and will monitor closely the Commission and the European Supervisory Authorities. A well regulated and functioning capital market is key to growth.
Finally, the Committee will join the efforts to strengthen democratic legitimacy on the basis of the Community method. A deep and genuine EMU must be a democratic EMU. The Committee will therefore strengthen its cooperation with National Parliaments.