The EU’s country-specific recommendations (CSRs) on economic policy should aim more at boosting growth and jobs and EU countries should feel that they “own” them. Moreover, the social partners must be involved in the process too, said MEPs in Tuesday’s debate with Commission Vice-President Valdis Dombrovskis and Commissioners Marianne Thyssen and Pierre Moscovici. The event was jointly organised by the Economic and Monetary Affairs and Employment and Social Affairs committees. (Read more)
Today’s economic governance rules for the euro area are not working as well as they should. This is because they are too complex, lack ownership and are not consistently enforced, say Economic and Monetary Affairs Committee MEPs in a resolution voted on Tuesday. This draft text, which assesses the record of the economic governance architecture so far and recommends improvements, will become Parliament’s input to the 25 June European Council. (Read more)
The Capital Markets Union (CMU) should boost the efficient allocation of savings to fund businesses, protect cross-border investors and create a new channel to finance the real economy, said economic and monetary MEPs in a resolution on Tuesday. They want CMU building blocks such as diverse investment choices, risk mitigation and clear investment information across the EU to be in place by 2018 to complement bank financing (Read more)
The European Central Bank is doing all it can to facilitate a successful outcome of the ongoing talks with Greece, ECB President Mario Draghi assured Economic and Monetary Affairs Committee MEPs on Monday. But he also made it crystal clear that ultimately, disbursing any further financial assistance to Greece is "a political decision that will have to be taken by elected policymakers, not by central bankers". (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.