The European Financial Reporting Advisory Group (EFRAG) advices the Commission on all issues relating to the application of IFRS in the EU. The governance reform of the EFRAG implemented 2014 led also to the creation of a high-level Board. The President of the Board is nominated by the Commission after having heard the European Parliament and the Council. The Commission proposed Mr. W. Klinz as candidate. The hearing of the candidate will take place on 14 April from 15:00-15:45.
Tuesday, 14 April from 15:00-15:45, room JAN 6Q2
A negotiating brief on the “Juncker” plan for a European Fund for Strategic Investments (EFSI) to guarantee growth and job-creating investment was backed by the Budgets and Economic and Monetary Affairs committees on Monday evening. But MEPs contested plans to feed the fund from the EU research and transport investment budgets, and called for more parliamentary control over its leadership and goals. (Read more)
The European Commission’s economic decision-making needs to become more neutral, MEPs said in an Economic and Monetary Affairs Committee debate with Commission Vice-President for the euro Valdis Dombrovskis and Economic and Financial affairs Commissioner Pierre Moscovici on Tuesday. MEPs also voiced concern about the low implementation of the Commission’s country-specific recommendations and asked what it would do about high current account surpluses in Germany and other exporting countries. (Read more)
A draft EU law to make the benchmarks used to price EU citizens’ mortgages, loans and bonds more trustworthy was backed by the Economic and Monetary Affairs Committee on Tuesday. The text (lead MEP Cora van Nieuwenhuizen, ALDE, NL) aims to clean up the benchmark-setting process, by curbing conflicts of interest like those that led to the London Interbank Offered Rate (LIBOR) rigging scandals of recent years. (Read more)
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)
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.