Economic and monetary union
EP reiterates call for exec to present legislation by September
By Gaspard Sebag in Strasbourg | Wednesday 04 July 2012
The four main political groups in the European Parliament – EPP, S&D, ALDE and Greens-EFA – urged, in a joint resolution, the Commission to present a legislative package toward strengthening the economic and monetary union by September. Regarding the European banking supervisor, the EP seems to already be on the sidelines since the June European Council conclusions call for the Commission to present proposals on the basis of Article 127(6) of TFEU. In this respect, Internal Market Commissioner Michel Barnier committed to presenting proposals after the summer, without specifying whether this would be in September or later.
The resolution, backed by 501 votes, states that the EP is to be “fully involved as an equal partner” in the development of a road map to achieve a genuine economic and monetary union. “To have a structural solution to the crisis we need legislative proposals,” said ALDE leader Guy Verhofstadt (Belgium) at a press conference after the vote, on 4 July, adding that he has no faith in member states’ ability to find such a solution.
Beyond the banking union, Parliament wants to be involved in the creation of a fiscal union, which would pave the way for control on government spending and borrowing. MEPs, who have been pushing for the creation of short-term euro bills and a debt redemption fund, also want to have their say in the matter. Greater EMU also means coordinating more social, labour and tax policies and a push toward political union with more control by the European and national parliaments.
For some of these elements, a treaty change would be necessary, but MEPs say this step has to come later. However, if the Commission does not come through with a legislative package they threaten convening a convention, said S&D President Hannes Swoboda (Austria).