European Parliament legislative resolution of 28 September 2011 on the proposal for a regulation of the European Parliament and of the Council on the effective enforcement of budgetary surveillance in the euro area (COM(2010)0524 – C7-0298/2010 – 2010/0278(COD))
(Ordinary legislative procedure: first reading)
The European Parliament
– having regard to the Commission proposal to Parliament and the Council (COM(2010)0524),
– having regard to Article 294(2) and Articles 121 and 126 of the Treaty on the Functioning of the European Union, pursuant to which the Commission submitted the proposal to Parliament (C7-0298/2010),
– having regard to the opinion of the Committee on Legal Affairs on the proposed legal basis,
– having regard to Article 294(3) of the Treaty on the Functioning of the European Union,
– having regard to the opinion of the European Central Bank(1)
– having regard to the opinion of the European Economic and Social Committee(2)
– having regard to Rules 55 and 37 of its Rules of Procedure,
– having regard to the report of the Committee on Economic and Monetary Affairs and the opinion of the Committee on Employment and Social Affairs (A7-0180/2011),
1. Adopts its position at first reading hereinafter set out(3)
2. Takes note of the Commission statement annexed to this resolution;
3. Calls on the Commission to refer the matter to Parliament again if it intends to amend its proposal substantially or replace it with another text;
4. Instructs its President to forward its position to the Council, the Commission and the national parliaments.
This position replaces the amendments adopted on 23 June 2011 (Texts adopted, P7_TA(2011)0290).
Position of the European Parliament adopted at first reading on 28 September 2011 with a view to the adoption of Regulation (EU) No .../2011 of the European Parliament and of the Council on the effective enforcement of budgetary surveillance in the euro area
(As an agreement was reached between Parliament and Council, Parliament's position corresponds to the final legislative act, Regulation (EU) No 1173/2011.)
Statement by the Commission
Before the end of 2011, the Commission intends to present a report to the European Parliament and the Council on the setting up of a system of common issuance of European sovereign bonds (eurosecurities) under joint and several liability, in line with Article [13(4)] of the Regulation on the enforcement of budgetary surveillance in the euro area. These eurosecurities would aim to strengthen fiscal discipline and increase stability in the euro area through markets, as well as, by taking advantage of the increase in liquidity, ensuring that Member States enjoying highest credit standards would not suffer from higher interest rates. The report will, if appropriate, be accompanied by legislative proposals.
In the context of its first report to the European Parliament and the Council on the application of this regulation as foreseen in Article  the Commission intends to review the functioning of any successor mechanism to the European Financial Stability Mechanism and the European Financial Stabilisation Facility during the period covered by the report. This review will assess the contribution of this mechanism to the preservation of financial stability of the euro area as a whole; to the reinforcement of budgetary discipline among Member States and to the improvement of economic governance and coordination at EU level. It will also assess the effectiveness of the institutional arrangements which govern the aforementioned mechanism and evaluate the possible benefits in terms of effectiveness, efficiency and accountability of different institutional arrangements.