The European Central Bank is ready for all contingencies following the UK’s EU referendum, said ECB President Mario Draghi in his second monetary dialogue this year with the Economic and Monetary Affairs Committee on Tuesday. Mr Draghi declined to speculate on a possible outcome of the vote, but admitted that "it is difficult to foresee the various dimensions of the vote on the markets and the euro area economies.” (Read more)
Dutch finance minister and ECOFIN Chair Jeroen Dijsselbloem worries that the way in which the EU Commission applies Stability and Growth Pact rules may not be entirely objective, he told Economic and Monetary Affairs Committee MEPs on Tuesday. At a meeting reviewing the Dutch Presidency of the Council of Economy and Finance Ministers, he said he hoped that on Friday 17 June they would agree a road map for completing the Banking Union with a European Deposit Guarantee Scheme (EDIS). (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.