{"change_dates":[],"dossier":{"amendments":[],"changes":{"2014-11-09T22:34:34":[{"data":[{"body":"EP","committees":[{"body":"EP","committee":"AFCO","committee_full":"Constitutional Affairs (Associated committee)","date":"2012-09-05T00:00:00","rapporteur":[{"group":"S&D","mepref":"4f1ac8c4b819f25efd0000f0","name":"GUALTIERI Roberto"}],"responsible":false},{"body":"EP","committee":"BUDG","committee_full":"Budgets","date":"2012-09-10T00:00:00","rapporteur":[{"group":"PPE","mepref":"4f1ad226b819f2759500000a","name":"LAMASSOURE Alain"}],"responsible":false},{"body":"EP","committee":"ECON","committee_full":"Economic and Monetary Affairs (Associated committee)","date":"2012-07-10T00:00:00","rapporteur":[{"group":"PPE","mepref":"4f1adbf0b819f207b30000f1","name":"THYSSEN Marianne"}],"responsible":true,"shadows":[{"group":"S&D","mepref":"4f1ac918b819f25efd00010d","name":"HOANG NGOC Liem"},{"group":"ALDE","mepref":"545fc318d1d1c57f99000000","name":"IN 'T VELD Sophia"},{"group":"Verts/ALE","mepref":"4f1ac841b819f25efd0000d8","name":"GIEGOLD Sven"},{"group":"Verts/ALE","mepref":"4f1ad22ab819f2759500000c","name":"LAMBERTS Philippe"},{"group":"ECR","mepref":"4f1adbacb819f207b30000d9","name":"STREJ\u010cEK Ivo"},{"group":"GUE/NGL","mepref":"4f1ad983b819f207b300001f","name":"MATIAS Marisa"},{"group":"EFD","mepref":"4f1ac5e7b819f25efd00000a","name":"ANDREASEN Marta"}]},{"body":"EP","committee":"EMPL","committee_full":"Employment and Social Affairs","date":"2012-07-09T00:00:00","rapporteur":[{"group":"S&D","mepref":"4f1ac652b819f25efd000032","name":"BER\u00c8S Pervenche"}],"responsible":false}],"date":"2012-09-13T00:00:00","type":"Committee referral announced in Parliament, 1st reading/single reading"},{"body":"EP","committees":[{"body":"EP","committee":"AFCO","committee_full":"Constitutional Affairs (Associated committee)","date":"2012-09-05T00:00:00","rapporteur":[{"group":"S&D","mepref":"4f1ac8c4b819f25efd0000f0","name":"GUALTIERI Roberto"}],"responsible":false},{"body":"EP","committee":"BUDG","committee_full":"Budgets","date":"2012-09-10T00:00:00","rapporteur":[{"group":"PPE","mepref":"4f1ad226b819f2759500000a","name":"LAMASSOURE Alain"}],"responsible":false},{"body":"EP","committee":"ECON","committee_full":"Economic and Monetary Affairs (Associated committee)","date":"2012-07-10T00:00:00","rapporteur":[{"group":"PPE","mepref":"4f1adbf0b819f207b30000f1","name":"THYSSEN Marianne"}],"responsible":true,"shadows":[{"group":"S&D","mepref":"4f1ac918b819f25efd00010d","name":"HOANG NGOC Liem"},{"group":"ALDE","mepref":"545fc318d1d1c57f99000000","name":"IN 'T VELD Sophia"},{"group":"Verts/ALE","mepref":"4f1ac841b819f25efd0000d8","name":"GIEGOLD Sven"},{"group":"Verts/ALE","mepref":"4f1ad22ab819f2759500000c","name":"LAMBERTS Philippe"},{"group":"ECR","mepref":"4f1adbacb819f207b30000d9","name":"STREJ\u010cEK Ivo"},{"group":"GUE/NGL","mepref":"4f1ad983b819f207b300001f","name":"MATIAS Marisa"},{"group":"EFD","mepref":"4f1ac5e7b819f25efd00000a","name":"ANDREASEN Marta"}]},{"body":"EP","committee":"EMPL","committee_full":"Employment and Social Affairs","date":"2012-07-09T00:00:00","rapporteur":[{"group":"S&D","mepref":"4f1ac652b819f25efd000032","name":"BER\u00c8S Pervenche"}],"responsible":false}],"date":"2012-10-15T00:00:00","type":"Vote in committee, 1st reading/single reading"},{"body":"EP","date":"2012-10-24T00:00:00","docs":[{"text":["
The Committee on Economic and Monetary Affairs adopted\na report by Marianne THYSSEN (EPP, BE) with recommendations to the\nCommission on the report of the Presidents of the European Council,\nthe European Central Bank and the Eurogroup Towards a genuine\nEconomic and Monetary Union.
\nThe competent committee considers it necessary to\nplace the governance of the Economic and Monetary Union (EMU)\nwithin the institutional framework of the Union, which is a\nprecondition for its effectiveness and for filling the current\npolitical gap between national politics and European policies. The\nMembers call on all institutions to proceed swiftly by\nmaximising the possibilities given by the existing Treaties\nand their elements of flexibility and at the same time to prepare\nfor the necessary Treaty changes in order to guarantee legal\ncertainty and democratic legitimacy. They reiterate that the\noption of a new intergovernmental agreement should be\nexcluded.
\nThe Members consider that a substantial improvement\nof the democratic legitimacy and accountability at Union level\nof the EMU governance by an increased role of Parliament as an\nabsolute necessity and a precondition for any further step toward a\nbanking union, a fiscal union and an economic union.
\nThe national parliaments are invited to engage\nin the process of preparing their governments' fiscal and reform\nplans before their submission to the Union.
\nProposals for acts: the\nCommission is invited to submit to Parliament as soon as possible\nafter consultation of all interested parties, with Parliament being\na co-legislator, proposals for acts on following the detailed\nrecommendations:
\n1) Integrated financial framework:
\nSingle supervisory mechanism:
\n· \nThe report recommends that the current\nCommission proposals on the single European supervisory mechanism\nshould be adopted as soon as possible to ensure the effective\napplication of prudential rules, risk control and crisis prevention\nconcerning credit institutions throughout the Union. The legal\nbasis, form and content of the proposal should provide for the\npossibility of full participation of all Member States in the\nEuropean single supervisory mechanism, in a form which ensures the\nfull involvement in the decision making process of the\nparticipating Member States whose currency is not the euro.\nParticipation of euro area Member States in the European\nsupervisory mechanism should be mandatory.
\n· \nThe proposal should be subject to democratic and\nextensive scrutiny by the European Parliament, within the\nboundaries of the Treaties.
\n· \nThe single supervisory mechanism needs to be\naccountable to the European Parliament and the Council for the\nactions and decisions taken in the field of European supervision\nand should report to the competent committee of the European\nParliament. That requires, inter alia, Parliamentary approval of\nthe chairman or chairwoman of the supervisory board of the single\nsupervisory mechanism selected after an open selection\nprocedure.
\nMechanisms relating to deposit\nguarantees:
\n· \nThe Commission is called on to do everything\npossible to ensure that the legislative procedure relating to\nthe recast directive on Deposit Guarantee Schemes can be\ncompleted as soon as possible on the basis of the European\nParliament's position of 16 February 2012.
\n· \nStringent requirements should apply to all\ndeposit guarantee schemes in the Union in order to achieve the same\ncomprehensive protection and the same stability of deposit\nguarantee schemes and guarantee a level playing field. Options for\na single European deposit guarantee fund with functioning deposit\nguarantee schemes backed by appropriate levels of funding, which\ntherefore enhance credibility and investor confidence, should be\nexplored, once an effective resolution scheme and an effective\nsingle supervisory mechanism are working.
\nRecovery and resolution of credit\ninstitutions:
\n\n· \nThe current proposal for a directive\nestablishing a framework for the recovery and resolution of credit\ninstitutions and investment firms should be adopted as soon as\npossible in order to create a European scheme for the application\nof resolution measures and open up in the medium term the creation\nof a single European recovery and resolution regime.
\n\n· \nRecovery and resolution schemes, as well as\ndeposit guarantee schemes, should have a strong financial, in the\nfirst place ex-ante, structure built on contributions from\nindustry.
\n2) An integrated fiscal framework:
\n\n· \nthe Commission should be required to implement\neffectively the compromises that will be reached in the context of\nthe two-pack trilogue negotiations between the European Parliament\nand the Council;
\n\n· \non the basis of an assessment of the experience\nwith its implementation and in accordance with the TEU and the\nTFEU, the Fiscal Compact should be transposed into secondary\nUnion legislation as soon as possible;
\n\n· \nmore must be done to coordinate systems of\ntaxation, and to address harmful tax competition between Member\nStates which is clearly against the logic of an internal\nmarket;
\n\n· \nthe time has come to engage in a progressive\nreturn to a situation in which the EU Budget is financed by\ngenuine own resources, which would relieve national budgets\naccordingly. When formulating policy options, the Commission and\nthe Council should be required to take into account the positions\nof the European Parliament on the multi-annual financial framework\nand own resources;
\n\n· \nThere should be a gradual roll-over of\nexcessive debt into a redemption fund based on the proposal of\nthe German Economic Council of Experts, which foresees the\ntemporary creation of a fund that would be fed with all the debt\nover 60 % of Member states which fulfil certain criteria; the\ndebt being redeemed over a period of about 25 years;
\n\n· \nthe European Stability Mechanism\n(ESM) should evolve towards\nCommunity-method management and be made accountable to the European\nParliament. Key decisions, such as the granting of financial\nassistance to a Member State and the conclusion of memorandums,\nshould be subject to proper scrutiny of the European Parliament.\nThe Troika appointed to ensure the implementation of the\nmemorandums should be heard in the European Parliament before\ntaking up duties and should be subject to regular reporting and\ndemocratic scrutiny to the European Parliament.
\n3) An integrated economic policy\nframework:
\nBetter ex-ante coordination of economic policy \nand improving the European Semester:
\n\n· \nThe Commission should ensure that the\ncompromises that will be reached in the context of the\ntwo-pack trilogue negotiations between the European\nParliament and the Council will be implemented\neffectively;
\n\n· \nUnion instruments for European social\nprotection and minimum social standards should be diligently\nexplored, including for tackling Youth unemployment, such as a\nEuropean youth guarantee;
\n\n· \nThe Commission should put forward proposals\nimmediately in accordance with the ordinary legislative procedure\nto translate into secondary legislation the commitments of the\nHeads of State or Government on 28 June 2012 for a Growth\nand Job compact;
\n\n· \nThe economic coordination framework should take\ndue account of the commitment of the Member State to\npursuing differentiated growth-friendly fiscal\nconsolidation, respecting the SGP and taking into account\ncountry-specific circumstances and to promote\ninvestment into future-oriented areas directly related\nto the economy's growth potential;
\n\n· \nThe European Semester should involve the\nEuropean Parliament and national parliaments and should be improved\ntaking into account the following points: i) to ensure the close\nlinking of the national reform programmes (NRPs) and national\nstability programmes (NSPs) should be closely linked; ii) greater\nsynergy between Union and Member State budgets in view of achieving\nthe targets of the Europe-2020 strategy; iii) involvement of\nregional and local authorities as well as partners in the planning\nand implementation of relevant programmes should be increased; iv)\nprovision by the Member States of information which is as detailed\nas possible on the measures and instruments provided for in the\nnational reform programmes to attain the national objectives\nset.
\nSocial pact for Europe: the promotion of high employment and the\nguarantee of adequate social protection have to be taken into\naccount in defining and implementing the policies and activities of\nthe Union. The specific rules for a binding supervision of the\nbudgetary discipline in the euro area can and should complement\nfiscal and macroeconomic benchmarks with employment and social\nbenchmarks. A social pact for Europe should be set up to\npromote: i) youth employment, including initiatives such as a\nEuropean youth guarantee; ii) high quality and appropriate\nfinancing of public services; iii) decent living wages; iv) access\nto affordable and social housing; v) a social protection floor to\nguarantee universal access to essential health services regardless\nof income; vi) the implementation of a social protocol to protect\nfundamental social and labour rights; vii) equal pay and\nequal rights for work of equal value for all.
\nThe report also makes a series of recommendations\nrelating to strengthening democratic legitimacy and\naccountability. In particular:
\n\n· \nEcofin and the Eurogroup should be required to\ntransmit to the European Parliament key internal documents, agendas\nand background material in advance of their meetings; in addition,\nthe president of the Eurogroup should regularly appear before the\nEuropean Parliament, e.g. in the form of hearings to be organised\nunder the auspices of the European Parliament's Committee for\nEconomic and Monetary Affairs;
\n· \nthe President of the European Parliament should\nbe invited to participate in the European Council meetings and\nthe euro area summits;
\n\n· \nwhen new competences are transferred to or\ncreated at Union level or when new Union institutions are\nestablished, a corresponding democratic control by, and\naccountability to, the European Parliament should be\nensured.
\nThe European Parliament adopted by 482 votes to 160\nwith 35 abstentions a resolution with recommendations to the\nCommission on the report of the Presidents of the European Council,\nthe European Central Bank and the Eurogroup Towards a genuine\nEconomic and Monetary Union. It states that the time has come\nfor the political leaders of and within the Union to demonstrate\ntheir determination, creativity, courage, resilience and leadership\nto remove the remaining deficiencies that continue to hamper the\nproper functioning of the EMU. Furthermore, the intergovernmental\nmethod has reached its limits and is not well suited for democratic\nand efficient decision-making in 21st century. A leap should be\nmade towards a truly federal Europe.
\nParliament considers it necessary to place the\ngovernance of the Economic and Monetary Union (EMU) within the\ninstitutional framework of the Union, which is a precondition\nfor its effectiveness and for filling the current political gap\nbetween national politics and European policies. Members call on\nall institutions to proceed swiftly by maximising the\npossibilities given by the existing Treaties and their\nelements of flexibility and at the same time to prepare for the\nnecessary Treaty changes in order to guarantee legal certainty and\ndemocratic legitimacy. They reiterate that the option of a\nnew intergovernmental agreement should be excluded.
\nMembers consider that a substantial\nimprovement of the democratic legitimacy and\naccountability at Union level of the EMU governance by an increased\nrole of Parliament as an absolute necessity and a precondition for\nany further step toward a banking union, a fiscal union and an\neconomic union.
\nNational parliaments are invited to engage in the process of\npreparing their governments' fiscal and reform plans before their\nsubmission to the Union.
\nProposals for acts: the\nCommission is invited to submit to Parliament as soon as possible\nafter consultation of all interested parties, with Parliament being\na co-legislator, proposals for acts on following the detailed\nrecommendations:
\n1) Integrated financial framework:
\n\nSingle supervisory mechanism:
\n\n· \nParliament recommends that the current\nCommission proposals on the single European supervisory mechanism\nshould be adopted as soon as possible to ensure the effective\napplication of prudential rules, risk control and crisis prevention\nconcerning credit institutions throughout the Union. The legal\nbasis, form and content of the proposal should provide for the\npossibility of full participation of all Member States in the\nEuropean single supervisory mechanism, in a form which ensures the\nfull involvement in the decision making process of the\nparticipating Member States whose currency is not the euro.\nParticipation of euro area Member States in the European\nsupervisory mechanism should be mandatory.
\n\n· \nThe proposal should be subject to democratic and\nextensive scrutiny by the European Parliament, within the\nboundaries of the Treaties.
\n\n· \nThe single supervisory mechanism needs to be\naccountable to the European Parliament and the Council for the\nactions and decisions taken in the field of European supervision\nand should report to the competent committee of the European\nParliament. That requires, inter alia, Parliamentary approval of\nthe chairman or chairwoman of the supervisory board of the single\nsupervisory mechanism selected after an open selection\nprocedure.
\n\nMechanisms relating to deposit\nguarantees:
\n\nRecovery and resolution of credit\ninstitutions:
\n2) An integrated fiscal framework:
\n3) An integrated economic policy framework:
\n\nBetter ex-ante coordination of economic\npolicy and improving the European Semester:
\nSocial pact for Europe: the promotion of high employment and the\nguarantee of adequate social protection have to be taken\ninto account in defining and implementing the policies and\nactivities of the Union. The specific rules for a binding\nsupervision of the budgetary discipline in the euro area can and\nshould complement fiscal and macroeconomic benchmarks\nwith employment and social benchmarks. A social pact\nfor Europe should be set up to promote: i) youth employment,\nincluding initiatives such as a European youth guarantee; ii)\nhigh quality and appropriate financing of public services; iii)\ndecent living wages; iv) access to affordable and social housing;\nv) a social protection floor to guarantee universal access to\nessential health services regardless of income; vi) the\nimplementation of a social protocol to protect fundamental social\nand labour rights; vii) equal pay and equal rights for work\nof equal value for all.
\nParliament also makes a series of\nrecommendations relating to strengthening democratic\nlegitimacy and accountability. In particular:
\nThe Committee on Economic and Monetary Affairs adopted\na report by Marianne THYSSEN (EPP, BE) with recommendations to the\nCommission on the report of the Presidents of the European Council,\nthe European Central Bank and the Eurogroup Towards a genuine\nEconomic and Monetary Union.
\nThe competent committee considers it necessary to\nplace the governance of the Economic and Monetary Union (EMU)\nwithin the institutional framework of the Union, which is a\nprecondition for its effectiveness and for filling the current\npolitical gap between national politics and European policies. The\nMembers call on all institutions to proceed swiftly by\nmaximising the possibilities given by the existing Treaties\nand their elements of flexibility and at the same time to prepare\nfor the necessary Treaty changes in order to guarantee legal\ncertainty and democratic legitimacy. They reiterate that the\noption of a new intergovernmental agreement should be\nexcluded.
\nThe Members consider that a substantial improvement\nof the democratic legitimacy and accountability at Union level\nof the EMU governance by an increased role of Parliament as an\nabsolute necessity and a precondition for any further step toward a\nbanking union, a fiscal union and an economic union.
\nThe national parliaments are invited to engage\nin the process of preparing their governments' fiscal and reform\nplans before their submission to the Union.
\nProposals for acts: the\nCommission is invited to submit to Parliament as soon as possible\nafter consultation of all interested parties, with Parliament being\na co-legislator, proposals for acts on following the detailed\nrecommendations:
\n1) Integrated financial framework:
\nSingle supervisory mechanism:
\n· \nThe report recommends that the current\nCommission proposals on the single European supervisory mechanism\nshould be adopted as soon as possible to ensure the effective\napplication of prudential rules, risk control and crisis prevention\nconcerning credit institutions throughout the Union. The legal\nbasis, form and content of the proposal should provide for the\npossibility of full participation of all Member States in the\nEuropean single supervisory mechanism, in a form which ensures the\nfull involvement in the decision making process of the\nparticipating Member States whose currency is not the euro.\nParticipation of euro area Member States in the European\nsupervisory mechanism should be mandatory.
\n· \nThe proposal should be subject to democratic and\nextensive scrutiny by the European Parliament, within the\nboundaries of the Treaties.
\n· \nThe single supervisory mechanism needs to be\naccountable to the European Parliament and the Council for the\nactions and decisions taken in the field of European supervision\nand should report to the competent committee of the European\nParliament. That requires, inter alia, Parliamentary approval of\nthe chairman or chairwoman of the supervisory board of the single\nsupervisory mechanism selected after an open selection\nprocedure.
\nMechanisms relating to deposit\nguarantees:
\n· \nThe Commission is called on to do everything\npossible to ensure that the legislative procedure relating to\nthe recast directive on Deposit Guarantee Schemes can be\ncompleted as soon as possible on the basis of the European\nParliament's position of 16 February 2012.
\n· \nStringent requirements should apply to all\ndeposit guarantee schemes in the Union in order to achieve the same\ncomprehensive protection and the same stability of deposit\nguarantee schemes and guarantee a level playing field. Options for\na single European deposit guarantee fund with functioning deposit\nguarantee schemes backed by appropriate levels of funding, which\ntherefore enhance credibility and investor confidence, should be\nexplored, once an effective resolution scheme and an effective\nsingle supervisory mechanism are working.
\nRecovery and resolution of credit\ninstitutions:
\n\n· \nThe current proposal for a directive\nestablishing a framework for the recovery and resolution of credit\ninstitutions and investment firms should be adopted as soon as\npossible in order to create a European scheme for the application\nof resolution measures and open up in the medium term the creation\nof a single European recovery and resolution regime.
\n\n· \nRecovery and resolution schemes, as well as\ndeposit guarantee schemes, should have a strong financial, in the\nfirst place ex-ante, structure built on contributions from\nindustry.
\n2) An integrated fiscal framework:
\n\n· \nthe Commission should be required to implement\neffectively the compromises that will be reached in the context of\nthe two-pack trilogue negotiations between the European Parliament\nand the Council;
\n\n· \non the basis of an assessment of the experience\nwith its implementation and in accordance with the TEU and the\nTFEU, the Fiscal Compact should be transposed into secondary\nUnion legislation as soon as possible;
\n\n· \nmore must be done to coordinate systems of\ntaxation, and to address harmful tax competition between Member\nStates which is clearly against the logic of an internal\nmarket;
\n\n· \nthe time has come to engage in a progressive\nreturn to a situation in which the EU Budget is financed by\ngenuine own resources, which would relieve national budgets\naccordingly. When formulating policy options, the Commission and\nthe Council should be required to take into account the positions\nof the European Parliament on the multi-annual financial framework\nand own resources;
\n\n· \nThere should be a gradual roll-over of\nexcessive debt into a redemption fund based on the proposal of\nthe German Economic Council of Experts, which foresees the\ntemporary creation of a fund that would be fed with all the debt\nover 60 % of Member states which fulfil certain criteria; the\ndebt being redeemed over a period of about 25 years;
\n\n· \nthe European Stability Mechanism\n(ESM) should evolve towards\nCommunity-method management and be made accountable to the European\nParliament. Key decisions, such as the granting of financial\nassistance to a Member State and the conclusion of memorandums,\nshould be subject to proper scrutiny of the European Parliament.\nThe Troika appointed to ensure the implementation of the\nmemorandums should be heard in the European Parliament before\ntaking up duties and should be subject to regular reporting and\ndemocratic scrutiny to the European Parliament.
\n3) An integrated economic policy\nframework:
\nBetter ex-ante coordination of economic policy \nand improving the European Semester:
\n\n· \nThe Commission should ensure that the\ncompromises that will be reached in the context of the\ntwo-pack trilogue negotiations between the European\nParliament and the Council will be implemented\neffectively;
\n\n· \nUnion instruments for European social\nprotection and minimum social standards should be diligently\nexplored, including for tackling Youth unemployment, such as a\nEuropean youth guarantee;
\n\n· \nThe Commission should put forward proposals\nimmediately in accordance with the ordinary legislative procedure\nto translate into secondary legislation the commitments of the\nHeads of State or Government on 28 June 2012 for a Growth\nand Job compact;
\n\n· \nThe economic coordination framework should take\ndue account of the commitment of the Member State to\npursuing differentiated growth-friendly fiscal\nconsolidation, respecting the SGP and taking into account\ncountry-specific circumstances and to promote\ninvestment into future-oriented areas directly related\nto the economy's growth potential;
\n\n· \nThe European Semester should involve the\nEuropean Parliament and national parliaments and should be improved\ntaking into account the following points: i) to ensure the close\nlinking of the national reform programmes (NRPs) and national\nstability programmes (NSPs) should be closely linked; ii) greater\nsynergy between Union and Member State budgets in view of achieving\nthe targets of the Europe-2020 strategy; iii) involvement of\nregional and local authorities as well as partners in the planning\nand implementation of relevant programmes should be increased; iv)\nprovision by the Member States of information which is as detailed\nas possible on the measures and instruments provided for in the\nnational reform programmes to attain the national objectives\nset.
\nSocial pact for Europe: the promotion of high employment and the\nguarantee of adequate social protection have to be taken into\naccount in defining and implementing the policies and activities of\nthe Union. The specific rules for a binding supervision of the\nbudgetary discipline in the euro area can and should complement\nfiscal and macroeconomic benchmarks with employment and social\nbenchmarks. A social pact for Europe should be set up to\npromote: i) youth employment, including initiatives such as a\nEuropean youth guarantee; ii) high quality and appropriate\nfinancing of public services; iii) decent living wages; iv) access\nto affordable and social housing; v) a social protection floor to\nguarantee universal access to essential health services regardless\nof income; vi) the implementation of a social protocol to protect\nfundamental social and labour rights; vii) equal pay and\nequal rights for work of equal value for all.
\nThe report also makes a series of recommendations\nrelating to strengthening democratic legitimacy and\naccountability. In particular:
\n\n· \nEcofin and the Eurogroup should be required to\ntransmit to the European Parliament key internal documents, agendas\nand background material in advance of their meetings; in addition,\nthe president of the Eurogroup should regularly appear before the\nEuropean Parliament, e.g. in the form of hearings to be organised\nunder the auspices of the European Parliament's Committee for\nEconomic and Monetary Affairs;
\n· \nthe President of the European Parliament should\nbe invited to participate in the European Council meetings and\nthe euro area summits;
\n\n· \nwhen new competences are transferred to or\ncreated at Union level or when new Union institutions are\nestablished, a corresponding democratic control by, and\naccountability to, the European Parliament should be\nensured.
\nThe European Parliament adopted by 482 votes to 160\nwith 35 abstentions a resolution with recommendations to the\nCommission on the report of the Presidents of the European Council,\nthe European Central Bank and the Eurogroup Towards a genuine\nEconomic and Monetary Union. It states that the time has come\nfor the political leaders of and within the Union to demonstrate\ntheir determination, creativity, courage, resilience and leadership\nto remove the remaining deficiencies that continue to hamper the\nproper functioning of the EMU. Furthermore, the intergovernmental\nmethod has reached its limits and is not well suited for democratic\nand efficient decision-making in 21st century. A leap should be\nmade towards a truly federal Europe.
\nParliament considers it necessary to place the\ngovernance of the Economic and Monetary Union (EMU) within the\ninstitutional framework of the Union, which is a precondition\nfor its effectiveness and for filling the current political gap\nbetween national politics and European policies. Members call on\nall institutions to proceed swiftly by maximising the\npossibilities given by the existing Treaties and their\nelements of flexibility and at the same time to prepare for the\nnecessary Treaty changes in order to guarantee legal certainty and\ndemocratic legitimacy. They reiterate that the option of a\nnew intergovernmental agreement should be excluded.
\nMembers consider that a substantial\nimprovement of the democratic legitimacy and\naccountability at Union level of the EMU governance by an increased\nrole of Parliament as an absolute necessity and a precondition for\nany further step toward a banking union, a fiscal union and an\neconomic union.
\nNational parliaments are invited to engage in the process of\npreparing their governments' fiscal and reform plans before their\nsubmission to the Union.
\nProposals for acts: the\nCommission is invited to submit to Parliament as soon as possible\nafter consultation of all interested parties, with Parliament being\na co-legislator, proposals for acts on following the detailed\nrecommendations:
\n1) Integrated financial framework:
\n\nSingle supervisory mechanism:
\n\n· \nParliament recommends that the current\nCommission proposals on the single European supervisory mechanism\nshould be adopted as soon as possible to ensure the effective\napplication of prudential rules, risk control and crisis prevention\nconcerning credit institutions throughout the Union. The legal\nbasis, form and content of the proposal should provide for the\npossibility of full participation of all Member States in the\nEuropean single supervisory mechanism, in a form which ensures the\nfull involvement in the decision making process of the\nparticipating Member States whose currency is not the euro.\nParticipation of euro area Member States in the European\nsupervisory mechanism should be mandatory.
\n\n· \nThe proposal should be subject to democratic and\nextensive scrutiny by the European Parliament, within the\nboundaries of the Treaties.
\n\n· \nThe single supervisory mechanism needs to be\naccountable to the European Parliament and the Council for the\nactions and decisions taken in the field of European supervision\nand should report to the competent committee of the European\nParliament. That requires, inter alia, Parliamentary approval of\nthe chairman or chairwoman of the supervisory board of the single\nsupervisory mechanism selected after an open selection\nprocedure.
\n\nMechanisms relating to deposit\nguarantees:
\n\nRecovery and resolution of credit\ninstitutions:
\n2) An integrated fiscal framework:
\n3) An integrated economic policy framework:
\n\nBetter ex-ante coordination of economic\npolicy and improving the European Semester:
\nSocial pact for Europe: the promotion of high employment and the\nguarantee of adequate social protection have to be taken\ninto account in defining and implementing the policies and\nactivities of the Union. The specific rules for a binding\nsupervision of the budgetary discipline in the euro area can and\nshould complement fiscal and macroeconomic benchmarks\nwith employment and social benchmarks. A social pact\nfor Europe should be set up to promote: i) youth employment,\nincluding initiatives such as a European youth guarantee; ii)\nhigh quality and appropriate financing of public services; iii)\ndecent living wages; iv) access to affordable and social housing;\nv) a social protection floor to guarantee universal access to\nessential health services regardless of income; vi) the\nimplementation of a social protocol to protect fundamental social\nand labour rights; vii) equal pay and equal rights for work\nof equal value for all.
\nParliament also makes a series of\nrecommendations relating to strengthening democratic\nlegitimacy and accountability. In particular:
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