Economic and monetary affairs

EP president Martin Schulz has called on member states to come up with concrete measures to create jobs and growth in the coming weeks to avoid Europe sinking deeper into economic and social turmoil. Mr Schulz made the appeal in a bold speech at the informal EU summit dedicated to growth in Brussels on 23 May. He said: "In the current situation, half-hearted statements of intent are simply not enough."

The need to combine current austerity with growth oriented measures without abandoning the overriding need for fiscal consolidation was underlined by most speakers in a debate in the EP plenary on May 22, one day before the informal EU summit in Brussels dedicated to growth and job creation. Most speakers also stressed Greece's plight, the causes for this and possible consequences.

How can the financial sector be made to contribute to the cost of the crisis it helped to create? Greek socialist Anni Podimata argues in her report that introducing a financial transaction tax would go a long way towards stamping out banks' risky behaviour while at the same time replenishing government coffers with much needed funds.

The economic and monetary affairs committee has a busy meeting to look forward to on Monday 14 May when its members will look at how to make finance work for the benefit of the society as a whole. Not only will the committee vote on measures that limit bankers' bonuses and demand that banks lend more prudently, it will also decide on stricter surveillance of eurozone countries' budgets.

It is likely to be the biggest investment you will ever make, however the economic crisis has shown that buying property is no longer safe as houses. Easy credit conditions up until 2008 fuelled high-risk lending and borrowing practices throughout the EU, which significantly contributed to the current debt crisis. The Parliament's economic and monetary affairs committee is scheduled to vote on a proposal that aims to make the market more stable in the third week of May.

The EU is this year celebrating 20 years of the single market that makes it possible for goods, people, services and capital to move freely within the EU. What has been achieved and how can the potential of the single market be better exploited? We asked Karl von Wogau, driving force behind a group of MEPs dedicated to tearing down trade barriers between member states, and Romanian Liberal-Democrat Christian Buşoi, member of the internal market committee.

MEPs will vote on 25 April on the introduction of a financial transaction tax (FTT) aimed at deterring highly speculative trading and making the financial sector contribute towards the cost of the economic crisis. The economics committee will vote on the report by Greek Social-Democrat Anni Podimata at 1500 CET.

Once more a debate with Commission president José Manuel Barroso was dominated by talk about the pressing need for measures to promote growth and cut disastrous levels of unemployment in the crisis-stricken euro zone countries. During the debate in the Strasbourg plenary on 18 April, many group leaders emphasised the social cost of the crisis, while expressing reservations about the euro's survival, at least in its current form .

Projects co-financed by the EU are at risk of being shelved as banks and investors in crisis-stricken countries are unable or unwilling to commit funds. Private sector support is essential as EU rules stipulate their involvement. MEPs approved on 19 April 2012 a proposed change to the rules that would allow the EU to grant additional loans or guarantees to keep the projects going.

The European Commission proposes to revise the EU directives on public procurement to make the rules simpler and more efficient, boost economic activity while ensuring transparency and efficiency. In addition to the Council, they will also need to be approved by the Parliament. Its internal market committee, which is responsible for drafting a recommendation to MEPS, will hold a public hearing on it with experts on 20 March.