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The Commission's recent proposals for completing the European Monetary Union (EMU) are insufficient to address the current shortcomings in the institutional framework of the euro area. More parliamentary oversight and public debate is needed to ensure democratic accountability and get citizens on board, ECON MEPs say in a resolution adopted on Tuesday.

The existing treaties and instruments would already allow for some steps forwards, says the resolution which was adopted with 40 votes against 14.

European Semester and Macroeconomic adjustment programmes

ECON members urge the Commission to launch negotiations on an agreement between Parliament, Council and the Eurogroup on European economic governance - as foreseen in the Five Presidents'

Report - which should cover the European Semester as well as scrutiny of implementation of ongoing macro-economic adjustment programmes.

Fiscal Board assessments public and transparent

ECON members are not amused with the Commission's choice to bypass Parliament with its proposal for national Competitiveness Boards."The ordinary legislative procedure should have been applied", they say. Furthermore they stress that the European Fiscal Board - as an advisory board to the Commission - should be accountable to the European Parliament. Its assessments should be public and transparent, the resolution says.

What's next?

The issues set-out in the resolution will be debated with the Commission during the next Strasbourg session after which Parliament as a whole will vote on it.

In the chair: Roberto Gualtieri (S&D, IT)