Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-25-Speech-2-069-000"
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"en.20111025.6.2-069-000"2
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"The ongoing debt crisis has demonstrated that the current European system of economic governance is not effective in averting crises or preventing them from spreading. The European Semester is a system of peer review of the budgetary plans of the Member States which allows for the surveillance of economic policy in the EU, in order to prevent the occurrence of significant fiscal as well as structural problems. The first European Semester was inaugurated on 1 January 2011 and, as experience has shown, the procedure requires improvement. In the majority of cases, the Commission’s recommendations for the Member States were reduced in scope by the Council, which, in the future, may frustrate effective economic coordination. It also proves that in this area, a community approach is more effective than an intergovernmental approach.
Therefore, when formulating new regulations in the future, we should endeavour to strengthen the role of the European Parliament at the expense of the Council, since such a solution will allow the scope of the final recommendations to remain independent from national political interests. The position of Parliament can be strengthened, for example, by institutionalisation of the Economic Dialogue, and, in particular, by the establishment of a special parliamentary committee on the European Semester. Within the scope of the committee’s work, Members could, for example, demand an explanation from the Council regarding changes to the Commission’s recommendations, as well as request that finance ministers from Members States that have not implemented the recommendations attend the committee’s meetings. The clear inclusion of Parliament will increase the democratic legitimacy of the procedure as a whole while, at the same time, supporting the integrity of the European legal system and the transparency of institutional structures."@en1
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