Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-06-12-Speech-2-032-000"
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"en.20120612.5.2-032-000"2
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"Mr President, I am grateful for this opportunity to participate in this debate on the two proposals so fluently expressed by the rapporteurs, which are intended to strengthen economic governance of the euro area.
Mr President, it is against this background that honourable Members will be discussing today the ‘two-pack’ proposals which, although only a part of the overall picture, will nevertheless play a key role in the overall strengthening of the coordination of economic policies. Much is at stake, and I therefore have strong hopes that, following your debate today and your vote tomorrow, we can make rapid progress towards reaching an overall agreement.
I can assure you of the Danish Presidency’s commitment to this dossier. I also know that, as we are almost at the end of our presidency term, the incoming Cyprus Presidency is equally determined to adopt these proposals as quickly as possible. I look forward very much to your discussion and thank you for your attention.
The purpose of the discussion this morning and, of course, of the vote tomorrow, is to establish Parliament’s position in view of upcoming trialogues. I would like to thank, in particular, Ms Ferreira and Mr Gauzès for their dedicated work; we have talked a number of times about their work on these issues and their contribution to establishing Parliament’s positions on the text put forward by the Commission.
The Council is keenly awaiting the outcome of your deliberations and looks forward to a constructive trialogue. You will be aware that the Danish Presidency steered discussions in the Council to a rapid conclusion, so that already by 21 February, we were able to adopt a general approach in Council on both these proposals. The general approach of the Council is to close the original proposals of the Commission which we believe to be an important contribution to ensuring sound and sustainable public finance in the euro area and thereby also to growth and employment, with those two things being two sides of the same coin.
The proposed regulation on the strengthening of economic and budgetary surveillance of Member States experiencing or threatened with serious difficulties with respect to their financial stability will ensure that surveillance of those Member States under a financial assistance programme or, of course, facing threats of financial instability, is robust, follows clear procedures and is embedded in EU law.
The proposed regulation on common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficits of the Member States in the euro area will require these countries to present their draft budgetary plans, which will enable the Commission to assess whether the budgetary plans are in accordance with budgetary objectives.
The regulation also proposes closer monitoring and reporting requirements for euro area countries in an excessive deficit procedure. I should add that I remain confident that we will reach an agreement which is acceptable to the Council and Parliament in the end. The two proposals will make an important contribution to further strengthening of the economic governance framework within the euro area and we are ready to start a trialogue as soon as Parliament is ready.
However, I would like to recall, and I should of course do that very briefly, the context in which we are discussing these two proposals. We are all only too well aware of the persistent financial and economic crisis which continues to impact across Europe, and also beyond European borders, despite the reins applied and measures taken after 2010. But having said that, I still think it is important to realise that much has been achieved. We have strengthened economic governance and policy coordination within the framework of the European Semester. The ‘six-pack’ – and I consider this a major achievement by the Council and Parliament, with very close cooperation on very difficult files – has strengthened the rules of the Stability and Growth Pact and created a new macro-economic imbalances procedure. We have set up rescue mechanisms such as the EFSM, the EFS and the ESM, and used these facilities to support vulnerable Member States. We have strengthened financial supervision through a European systemic risk board and strengthened the role of the European supervisory authorities.
As an absolutely crucial part of the EU crisis management strategy, the Council and Parliament are taking major steps on stronger financial regulations. We have agreed, or are in the process of agreeing, on a number of financial regulation files, including new capital requirements of banks, rules on markets for financial derivatives, rules on short selling and credit default swaps, hedge funds and credit rating agencies. Further proposals which will contribute to better regulation of the financial markets are in the pipeline, such as the proposal for an EU framework for bank recovery and resolutions.
Finally, and hand in hand with our efforts on stronger economic governance and financial regulation, we are working on promoting stronger growth and job creation, with this being done through reforms, initiatives at both national level and European level. However, it is clear that further work is required. The current economic problems have revealed the need for an ever closer policy coordination and decisive action from the Council and Parliament."@en1
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