This exchange of views aims to discuss recent measures proposed by the Commission: the Action Plan on Capital Markets Union (CMU), the legislative proposals on high-quality securitisation and new rules on Solvency II treatment of long-term investment in infrastructure as well as the consultations on Venture Capital Funds and on Covered Bonds. The meeting will take place in Brussels, room ASP 3E2 and will be web-streamed.
The EU Commission proposal to make it mandatory for EU member states to exchange information on their tax rulings received only a lukewarm welcome in Parliament’s Economic and Monetary Affairs Committee on Tuesday. However, the report by Markus Ferber (EPP, DE), voicing dismay at the directive’s limited scope and late entry into force, has already been overtaken by last week's ECOFIN Council deal, which watered down the Commission proposal even further. (Read more)
ECB President Mario Draghi painted a somewhat downbeat picture of economic developments in the Eurozone but assured Economic and Monetary Affairs Committee MEPs that the ECB "will not hesitate to act if some of the downward risks weaken the inflation outlook over the mid-term more fundamentally than we project at present". He hinted at the possibility of adjusting the size, composition and duration of the ECB’s asset purchase programme, to add monetary policy impetus if necessary. (Read more)
"The current system of corporate tax rules is unfit for purpose and unjust. Some companies are losing out, whereas others win by hiding behind a variety of national rules", Commission President Jean Claude Juncker told MEPs at a joint meeting of the committees for Tax Rulings and for Economic and Monetary Affairs on Thursday. "We need a better insight into how multinational companies behave and how they make use of the differences between countries. Then we should create some order!", he added. (Read more)
The European Parliament should play a greater role in Eurozone governance, said Commissioner Pierre Moscovici in a debate with Economic and Monetary Affairs Committee MEPs on Tuesday. Economic and monetary union calls for democratic deepening, he added, stressing that "This is not something that can wait. We need more regular exchanges with the Parliament. The European Parliament is the Parliament of the Eurozone and we want to give this political impetus." (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.