The outline is set for the Economic and Monetary Union
European Union’s Economic and Monetary Affairs Committee received a draft report from Marianne Thyssen (EEP) regarding the establishment of a genuine Economic and Monetary Union (EMU).
The draft report calls for various long-term measures to strengthen the EMU. They include common debt issuance, tax coordination, a stronger economic and monetary affairs Commissioner, and institutional changes.
Along with these long-term measures the report also emphasises strong measures to deal with the short-term problems, such as implementing commitments and a good legislative package.
The report says that te European Commission needs to present a package of legislation including stronger European semester arrangements, enhanced cooperation on taxation, rules to improve transparency and accountability, a central EU budget funded by own resources, and updated legislation on deposit guarantees and bank crisis resolution.
Socialist MEP Liem Hoang Ngoc (FR) argues that more emphasis needs to be placed on incorporating the growth pact commitments into EU law. However, MEP Marisa Matias (PT) expresses criticism claiming that the text relied too heavily on "harsh conditions which could never be complied with".
The discussion and the draft text stated the need for democratic legitimacy and accountability of the new competences to be transferred to the EU. All new authorities need to be set up and new competences need to be properly accountable.
Key internal Council documents should also be provided to the Parliament and the Committee should be required to report regularly to Parliament and contribute to its hearings.
In addition, it is important to gain public support for the new EU. “People are not going to buy a bigger EU without democratic accountability,” says MEP Philippe Lamberts (BE).