Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-10-23-Speech-2-135-500"
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"en.20121023.5.2-135-500"2
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"On 18-19 October there was another meeting of the European Council. In connection with the ongoing administration of economic and monetary union, there is a need to decide on a proper legislative framework relating to a single supervisory mechanism as soon as possible, and by 1 January 2013 at the latest. The process aimed at deepening economic and monetary union must in particular be open and transparent to Member States that are not part of the eurozone and the integrity of the single market must be respected.
We need a real economic and monetary union. Smooth operation of the economic and monetary union requires more intensive and sustainable economic growth, employment and social cohesion. I agree that improvements should continue to be made in administration within the eurozone. We should adopt legislative proposals relating to budgetary supervision by the end of 2012 at the latest. This involves key legislation that is essential for strengthening the new economic governance in the EU.
The European Council also agreed that it is essential to break the vicious circle between banks and states. We need precise operating criteria directly governing the recapitalisation of banks from the European Stability Mechanism. One of the most important priorities, however, is support for employment and social inclusion. Effective measures are required as soon as possible to promote employment. We must also ensure that quicker progress is made in this respect."@en1
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