Text tabled : A7-0173/2012

  Sławomir Witold Nitras (PPE), in writing. – (PL) The legislative proposals being put to the vote today are a continuation of the process of increasing the economic integration of the Member States in the euro area and represent a significant improvement in the system of economic governance. Tightening both budgetary supervision and the Commission’s role in this supervision, particularly in relation to the Member States included in the excessive deficit procedure, as well as harmonising and increasing the transparency of the process for adopting budgets in the Member States in the euro area, will help enhance the credibility of national fiscal policies, which will improve economic coordination in the euro area and secure it against further shocks which may come in the future. It should also be noted that the benefits resulting from implementation of the proposal under discussion will not be felt for some time. Therefore, we should not stop looking for short-term measures. One such measure is definitely the establishment of a redemption fund. Establishing such a mechanism would mean indirect mutualisation of the public debt of the Member States in the euro area, which, as a result, would reduce market pressure and make it easier to refinance the countries concerned. However, in view of the significance of its consequences, this idea needs to be formulated in greater detail and subjected to closer analysis.