The Commission's recent proposals for completing 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, Parliament says in a resolution adopted on Thursday.

The resolution, prepared by Roberto Gualtieri (S&D, IT) and passed by a show of hands, follows up the resolution of 24 June in which Parliament states its position regarding future Eurozone governance. The vote was preceded by a debate on Tuesday with Eurogroup president Jeroen Dijsselbloem and Commission president Jean-Claude Juncker.

European Semester and macroeconomic adjustment programmes

Parliament urges 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 on completing the EMU and as pledged by Commission President Juncker in the debate on Tuesday. Such an agreement should not only cover the European Semester, but also include scrutiny of the implementation of ongoing macro-economic adjustment programmes, such as the one for Greece.

Make Fiscal Board assessments public and transparent

Parliament is not happy with the Commission's decision to bypass Parliament with its proposal for National Competitiveness Boards. "The ordinary legislative procedure should have been applied," it says. Furthermore it stresses 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.

International representation of the euro area

Regarding the external representation of the euro area in bodies like the International Monetary Fund, Parliament wants the Commission to ensure that this is subject to the democratic scrutiny of Parliament.

Procedure: non-legislative resolution

Who's involved 
Completing Europe's Economic and Monetary Union