BETA


2015/2060(INI) EU role in the framework of international financial, monetary and regulatory institutions and bodies

Progress: Procedure completed

RoleCommitteeRapporteurShadows
Lead ECON GOULARD Sylvie (icon: ALDE ALDE) PIETIKÄINEN Sirpa (icon: PPE PPE), DELVAUX Mady (icon: S&D S&D), FOX Ashley (icon: ECR ECR), VIEGAS Miguel (icon: GUE/NGL GUE/NGL), GIEGOLD Sven (icon: Verts/ALE Verts/ALE), ZANNI Marco (icon: EFDD EFDD)
Committee Opinion EMPL
Committee Opinion AFCO RANGEL Paulo (icon: PPE PPE) Mercedes BRESSO (icon: S&D S&D), Morten MESSERSCHMIDT (icon: ECR ECR), Josep-Maria TERRICABRAS (icon: Verts/ALE Verts/ALE)
Lead committee dossier:
Legal Basis:
RoP 54

Events

2016/09/20
   EC - Commission response to text adopted in plenary
Documents
2016/04/12
   EP - Results of vote in Parliament
2016/04/12
   EP - Decision by Parliament, 1st reading/single reading
Details

The European Parliament adopted by 478 votes to 217, with 9 abstentions, a resolution on the EU role in the framework of international financial, monetary and regulatory institutions and bodies.

Parliament stressed that the growing interdependence among economies across the world makes it necessary to move towards increasingly global forms of governance and that the EU should speak with one voice in international institutions/bodies.

Concerned at the lack of coherence caused by the fragmentation and diversity of the various organisations/bodies and at the implementation delays regarding rules and orientations agreed at international level, Parliament stressed the need for enhanced international regulatory cooperation, with strong European Parliament involvement .

Better coordination: Parliament called for clarification as to the remit of each organisation/body and urged for better policy coherence and coordination among the global institutions through the introduction of comprehensive standards of democratic legitimacy, transparency, accountability and integrity . This should, inter alia, concern:

· relations with the public (for example public access to documents, open dialogue with diverse stakeholders, the establishment of mandatory transparency registers and rules on transparency of lobby meeting);

· internal rules (for example human resources based on skills, sound financial management, prevention of conflict of interests).

Parliament considered that the under-representation of least developed countries in most international financial, monetary and regulatory institutions and bodies is creating an imbalance.

As well as geographical disparity in representation, there are also certain sectors - notably civil society, SMEs, consumer representatives and employee representatives – whose involvement in the consultation process could be improved in international discussions regarding financial, monetary and regulatory bodies.

Representation of the European Union (EU): Parliament stated that the EU should:

· streamline and codify its representation in multilateral organisations/bodies with a view to increasing the transparency, integrity and accountability of the Union's involvement in these bodies, its influence and the promotion of the legislation it has adopted through a democratic process;

· become a more proactive global actor in ensuring the future G20 commitments , such as transforming shadow banking, implementing over-the-counter (OTC) derivatives reforms, addressing systemic risks and ensuring that emerging risks to the global economy are taken up on the agenda of the relevant global institution;

· seek full membership of international economic and financial institutions where this has not yet been granted and is appropriate (e.g. in the cases of the OECD and the IMF ). Parliament stressed the need for the Commission, representing the whole Union in an international body or organisation or monitoring a private specialist body, to be held more directly accountable to citizens and that the Parliament should be involved in this process.

Parliament also welcomed the work done by the OECD on tax issues, especially the OECD/G20 Base Erosion and Profit Shifting (BEPS) project. The coordination between the Commission and the Member States which are members of the Financial Action Task Force ( FATF ) should be improved in order for the EU to make its voice heard.

Accordingly, Parliament made the following proposals :

· the Commission is called upon to draw on existing best practices at European and national levels in order to draft a European code of conduct on transparency, integrity and accountability , designed to guide the actions of EU representatives in international organisations/bodies; Parliament should be closely associated in the drafting process;

· the adoption of an interinstitutional agreement with the aim of formalising a 'financial dialogue' , should be organised with the European Parliament for the purpose of establishing guidelines regarding the adoption and the coherence of European positions in the run-up to major international negotiations. Active involvement of national parliaments at their respective levels, by controlling the positions taken by the representatives of the member states concerned, is also necessary;

· enhanced accountability of the Commission to the European Parliament by streamlining the process for the definition of EU positions at the meetings of the G20 in policy fields related to employment, energy, trade, development and anti-corruption;

· Member States to accept the representation of the Banking Union in the Basel Committee on Banking Supervision through the Single Supervisory Mechanism;

· progression towards a single representation of the euro area within the IMF ; this needs to be done without prejudice to a single European Union constituency in the long term;

· include in its work programme the external dimension of economic and financial regulation, that is, the work anticipated to take place in international financial institutions;

· the transparency and accountability of the Euro Group should be improved;

· progressive streamlining of the EU representation should be implemented over the next years, first through enhanced coordination and then, after an assessment, through the unification of seats ; membership of these organisations and bodies should be allocated in accordance with the respective competences of the EU institutions and the European Supervisory Authorities (ESAs), the Council/Eurogroup, and the national authorities; the EU should work on the functioning of those organisations and bodies with a view to moving away from consensus to a weighted majority voting system;

· it is the duty of the Commission, the Council, or where appropriate the Euro Group, to strengthen coordination through preparatory meetings;

· a thorough assessment of the two separate seats currently allocated to the European Council and Commission presidencies at G20 meetings;

· promote the establishment of a roadmap towards the creation of a global treaty-based financial organisation , with wide-ranging powers of recommendation, negotiation of minimum binding standards, multilateral dispute settlement mechanisms and, where appropriate, sanctions.

Lastly, the Commission should be provided with an explicit mandate to foster a new impetus for the promotion of multilateralism regarding financial, monetary and regulatory international cooperation.

Documents
2016/04/12
   EP - End of procedure in Parliament
2016/04/11
   EP - Debate in Parliament
2016/03/17
   EP - Committee report tabled for plenary, single reading
Details

The Committee on Economic and Monetary Affairs adopted the own-initiative report by Sylvie GOULARD (EPP, FR) on the EU role in the framework of international financial, monetary and regulatory institutions and bodies.

Concerned at the lack of coherence caused by the fragmentation and diversity of the various organisations/bodies and at the implementation delays regarding rules and orientations agreed at international level, Members stressed the need for enhanced international regulatory cooperation, with strong European Parliament involvement .

Better coordination : the report called for clarification as to the remit of each organisation/body and urged for better policy coherence and coordination among the global institutions through the introduction of comprehensive standards of democratic legitimacy, transparency, accountability and integrity . This should, inter alia, concern:

relations with the public (for example public access to documents, open dialogue with diverse stakeholders, the establishment of mandatory transparency registers and rules on transparency of lobby meeting); internal rules (for example human resources based on skills, sound financial management, prevention of conflict of interests).

As well as geographical disparity in representation, there are also certain sectors - notably civil society, SMEs, consumer representatives and employee representatives – whose involvement in the consultation process could be improved in international discussions regarding financial, monetary and regulatory bodies.

Representation of the European Union (EU) : Members stated that the EU should streamline and codify its representation in multilateral organisations/bodies with a view to increasing the transparency, integrity and accountability of the Union's involvement in these bodies, its influence and the promotion of the legislation it has adopted through a democratic process.

In addition, the EU should become a more proactive global actor in ensuring the future G20 commitments , such as transforming shadow banking, implementing over-the-counter (OTC) derivatives reforms, addressing systemic risks and ensuring that emerging risks to the global economy are taken up on the agenda of the relevant global institution.

The EU should seek full membership of international economic and financial institutions where this has not yet been granted and is appropriate (e.g. in the cases of the OECD and the IMF ). Members stressed the need for the Commission, representing the whole Union in an international body or organisation or monitoring a private specialist body, to be held more directly accountable to citizens and that the Parliament should be involved in this process.

Furthermore, the coordination between the Commission and the Member States which are members of the Financial Action Task Force ( FATF ) should be improved in order for the EU to make its voice heard.

Accordingly, the report makes the following proposals :

the Commission is called upon to draw on existing best practices at European and national levels in order to draft a European code of conduct on transparency, integrity and accountability , designed to guide the actions of EU representatives in international organisations/bodies; Parliament should be closely associated in the drafting process; the adoption of an interinstitutional agreement with the aim of formalising a 'financial dialogue' , should be organised with the European Parliament for the purpose of establishing guidelines regarding the adoption and the coherence of European positions in the run-up to major international negotiations. The Commission should report back regularly on the application of these guidelines. Active involvement of national parliaments at their respective levels, by controlling the positions taken by the representatives of the member states concerned, is also necessary; enhanced accountability of the Commission to the European Parliament by streamlining the process for the definition of EU positions at the meetings of the G20 in policy fields related to employment, energy, trade, development and anti-corruption; Member States to accept the representation of the Banking Union in the Basel Committee on Banking Supervision through the Single Supervisory Mechanism; include in its work programme the external dimension of economic and financial regulation, that is, the work anticipated to take place in international financial institutions; the transparency and accountability of the Euro Group should be improved; progressive streamlining of the EU representation should be implemented over the next years, first through enhanced coordination and then, after an assessment, through the unification of seats ; membership of these organisations and bodies should be allocated in accordance with the respective competences of the EU institutions and the European Supervisory Authorities (ESAs), the Council/Eurogroup, and the national authorities; the EU should work on the functioning of those organisations and bodies with a view to moving away from consensus to a weighted majority voting system; it is the duty of the Commission, the Council, or where appropriate the Euro Group, to strengthen coordination through preparatory meetings; a thorough assessment of the two separate seats currently allocated to the European Council and Commission presidencies at G20 meetings; promote the establishment of a roadmap towards the creation of a global treaty-based financial organisation , with wide-ranging powers of recommendation, negotiation of minimum binding standards, multilateral dispute settlement mechanisms and, where appropriate, sanctions.

Lastly, Members are of the opinion that the Commission should be provided with an explicit mandate to foster a new impetus for the promotion of multilateralism regarding financial, monetary and regulatory international cooperation.

Documents
2016/02/15
   EP - Vote in committee, 1st reading/single reading
2015/11/20
   EP - Committee opinion
Documents
2015/10/15
   EP - Amendments tabled in committee
Documents
2015/09/03
   EP - Committee draft report
Documents
2015/04/16
   EP - RANGEL Paulo (PPE) appointed as rapporteur in AFCO
2015/03/12
   EP - Committee referral announced in Parliament, 1st reading/single reading
2014/10/21
   EP - GOULARD Sylvie (ALDE) appointed as rapporteur in ECON

Documents

Activities

Votes

A8-0027/2016 - Sylvie Goulard - Résolution

2016/04/12 Outcome: +: 478, -: 217, 0: 9
DE RO ES FR IT HU PT BG AT CZ BE SE HR SI LT SK LU LV NL EE MT FI PL IE DK CY EL GB
Total
91
30
49
70
65
20
21
16
17
20
20
19
11
8
10
13
6
8
26
5
5
13
50
10
12
6
20
63
icon: PPE PPE
205
2

Luxembourg PPE

3

Estonia PPE

For (1)

1

Denmark PPE

For (1)

1

Cyprus PPE

1
icon: S&D S&D
181

Croatia S&D

2

Slovenia S&D

For (1)

1

Luxembourg S&D

For (1)

1

Latvia S&D

1

Netherlands S&D

3

Estonia S&D

For (1)

1

Malta S&D

2

Ireland S&D

For (1)

1

Cyprus S&D

2
icon: ALDE ALDE
66

Romania ALDE

2

Austria ALDE

For (1)

1

Croatia ALDE

2

Slovenia ALDE

For (1)

1

Luxembourg ALDE

For (1)

1

Latvia ALDE

1

Estonia ALDE

2

Ireland ALDE

For (1)

1

United Kingdom ALDE

1
icon: Verts/ALE Verts/ALE
46

Hungary Verts/ALE

2

Austria Verts/ALE

3

Belgium Verts/ALE

2
4

Croatia Verts/ALE

For (1)

1

Slovenia Verts/ALE

For (1)

1

Lithuania Verts/ALE

For (1)

1

Luxembourg Verts/ALE

For (1)

1

Latvia Verts/ALE

1

Netherlands Verts/ALE

2

Estonia Verts/ALE

For (1)

1

Finland Verts/ALE

For (1)

1

United Kingdom Verts/ALE

5
icon: NI NI
15

Germany NI

2

Italy NI

For (1)

1
3

Poland NI

Against (1)

1

United Kingdom NI

Against (1)

1
icon: EFDD EFDD
37

Germany EFDD

Against (1)

1

France EFDD

Against (1)

1

Czechia EFDD

Against (1)

1

Sweden EFDD

2

Lithuania EFDD

Abstain (1)

1

Poland EFDD

1
icon: ENF ENF
36

Germany ENF

Against (1)

1

Austria ENF

3

Belgium ENF

Against (1)

1

Netherlands ENF

4

Poland ENF

2

United Kingdom ENF

Against (1)

1
icon: GUE/NGL GUE/NGL
47

Italy GUE/NGL

2

Czechia GUE/NGL

2

Sweden GUE/NGL

Against (1)

1

Netherlands GUE/NGL

3

Finland GUE/NGL

Abstain (1)

1
4

Denmark GUE/NGL

Against (1)

1

Cyprus GUE/NGL

2
icon: ECR ECR
71

Romania ECR

For (1)

1

Italy ECR

2

Bulgaria ECR

2

Czechia ECR

2

Croatia ECR

Against (1)

1

Lithuania ECR

Against (1)

1

Latvia ECR

Against (1)

1

Netherlands ECR

2

Finland ECR

2

Cyprus ECR

Against (1)

1

Greece ECR

Against (1)

1
AmendmentsDossier
229 2015/2060(INI)
2015/09/29 AFCO 52 amendments...
source: 567.822
2015/10/15 ECON 177 amendments...
source: 569.719

History

(these mark the time of scraping, not the official date of the change)

committees/0
type
Responsible Committee
body
EP
associated
False
committee_full
Economic and Monetary Affairs
committee
ECON
rapporteur
name: GOULARD Sylvie date: 2014-10-21T00:00:00 group: Alliance of Liberals and Democrats for Europe abbr: ALDE
shadows
committees/0
type
Responsible Committee
body
EP
associated
False
committee_full
Economic and Monetary Affairs
committee
ECON
date
2014-10-21T00:00:00
rapporteur
name: GOULARD Sylvie group: Alliance of Liberals and Democrats for Europe abbr: ALDE
shadows
committees/2
type
Committee Opinion
body
EP
associated
False
committee_full
Constitutional Affairs
committee
AFCO
rapporteur
name: RANGEL Paulo date: 2015-04-16T00:00:00 group: European People's Party (Christian Democrats) abbr: PPE
committees/2
type
Committee Opinion
body
EP
associated
False
committee_full
Constitutional Affairs
committee
AFCO
date
2015-04-16T00:00:00
rapporteur
name: RANGEL Paulo group: European People's Party (Christian Democrats) abbr: PPE
docs/3/body
EC
events/2/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2016-0027&language=EN
New
http://www.europarl.europa.eu/doceo/document/A-8-2016-0027_EN.html
events/5/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2016-0108
New
http://www.europarl.europa.eu/doceo/document/TA-8-2016-0108_EN.html
activities
  • date: 2015-03-12T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP responsible: False committee: AFCO date: 2015-04-16T00:00:00 committee_full: Constitutional Affairs rapporteur: group: EPP name: RANGEL Paulo body: EP shadows: group: EPP name: PIETIKÄINEN Sirpa group: S&D name: DELVAUX Mady group: ECR name: FOX Ashley group: GUE/NGL name: VIEGAS Miguel group: Verts/ALE name: GIEGOLD Sven group: EFD name: ZANNI Marco responsible: True committee: ECON date: 2014-10-21T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: ALDE name: GOULARD Sylvie body: EP responsible: False committee_full: Employment and Social Affairs committee: EMPL
  • date: 2016-02-15T00:00:00 body: EP type: Vote in committee, 1st reading/single reading committees: body: EP responsible: False committee: AFCO date: 2015-04-16T00:00:00 committee_full: Constitutional Affairs rapporteur: group: EPP name: RANGEL Paulo body: EP shadows: group: EPP name: PIETIKÄINEN Sirpa group: S&D name: DELVAUX Mady group: ECR name: FOX Ashley group: GUE/NGL name: VIEGAS Miguel group: Verts/ALE name: GIEGOLD Sven group: EFD name: ZANNI Marco responsible: True committee: ECON date: 2014-10-21T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: ALDE name: GOULARD Sylvie body: EP responsible: False committee_full: Employment and Social Affairs committee: EMPL
  • date: 2016-03-17T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2016-0027&language=EN type: Committee report tabled for plenary, single reading title: A8-0027/2016 body: EP type: Committee report tabled for plenary, single reading
  • date: 2016-04-11T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20160411&type=CRE type: Debate in Parliament title: Debate in Parliament body: EP type: Debate in Parliament
  • date: 2016-04-12T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2016-0108 type: Decision by Parliament, 1st reading/single reading title: T8-0108/2016 body: EP type: Decision by Parliament, 1st reading/single reading
commission
  • body: EC dg: Economic and Financial Affairs commissioner: MOSCOVICI Pierre
committees/0
type
Responsible Committee
body
EP
associated
False
committee_full
Economic and Monetary Affairs
committee
ECON
date
2014-10-21T00:00:00
rapporteur
name: GOULARD Sylvie group: Alliance of Liberals and Democrats for Europe abbr: ALDE
shadows
committees/0
body
EP
responsible
False
committee
AFCO
date
2015-04-16T00:00:00
committee_full
Constitutional Affairs
rapporteur
group: EPP name: RANGEL Paulo
committees/1
type
Committee Opinion
body
EP
associated
False
committee_full
Employment and Social Affairs
committee
EMPL
opinion
False
committees/1
body
EP
shadows
responsible
True
committee
ECON
date
2014-10-21T00:00:00
committee_full
Economic and Monetary Affairs
rapporteur
group: ALDE name: GOULARD Sylvie
committees/2
type
Committee Opinion
body
EP
associated
False
committee_full
Constitutional Affairs
committee
AFCO
date
2015-04-16T00:00:00
rapporteur
name: RANGEL Paulo group: European People's Party (Christian Democrats) abbr: PPE
committees/2
body
EP
responsible
False
committee_full
Employment and Social Affairs
committee
EMPL
docs
  • date: 2015-09-03T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE567.475 title: PE567.475 type: Committee draft report body: EP
  • date: 2015-10-15T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE569.719 title: PE569.719 type: Amendments tabled in committee body: EP
  • date: 2015-11-20T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE557.271&secondRef=02 title: PE557.271 committee: AFCO type: Committee opinion body: EP
  • date: 2016-09-20T00:00:00 docs: url: /oeil/spdoc.do?i=26837&j=0&l=en title: SP(2016)484 type: Commission response to text adopted in plenary
events
  • date: 2015-03-12T00:00:00 type: Committee referral announced in Parliament, 1st reading/single reading body: EP
  • date: 2016-02-15T00:00:00 type: Vote in committee, 1st reading/single reading body: EP
  • date: 2016-03-17T00:00:00 type: Committee report tabled for plenary, single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2016-0027&language=EN title: A8-0027/2016 summary: The Committee on Economic and Monetary Affairs adopted the own-initiative report by Sylvie GOULARD (EPP, FR) on the EU role in the framework of international financial, monetary and regulatory institutions and bodies. Concerned at the lack of coherence caused by the fragmentation and diversity of the various organisations/bodies and at the implementation delays regarding rules and orientations agreed at international level, Members stressed the need for enhanced international regulatory cooperation, with strong European Parliament involvement . Better coordination : the report called for clarification as to the remit of each organisation/body and urged for better policy coherence and coordination among the global institutions through the introduction of comprehensive standards of democratic legitimacy, transparency, accountability and integrity . This should, inter alia, concern: relations with the public (for example public access to documents, open dialogue with diverse stakeholders, the establishment of mandatory transparency registers and rules on transparency of lobby meeting); internal rules (for example human resources based on skills, sound financial management, prevention of conflict of interests). As well as geographical disparity in representation, there are also certain sectors - notably civil society, SMEs, consumer representatives and employee representatives – whose involvement in the consultation process could be improved in international discussions regarding financial, monetary and regulatory bodies. Representation of the European Union (EU) : Members stated that the EU should streamline and codify its representation in multilateral organisations/bodies with a view to increasing the transparency, integrity and accountability of the Union's involvement in these bodies, its influence and the promotion of the legislation it has adopted through a democratic process. In addition, the EU should become a more proactive global actor in ensuring the future G20 commitments , such as transforming shadow banking, implementing over-the-counter (OTC) derivatives reforms, addressing systemic risks and ensuring that emerging risks to the global economy are taken up on the agenda of the relevant global institution. The EU should seek full membership of international economic and financial institutions where this has not yet been granted and is appropriate (e.g. in the cases of the OECD and the IMF ). Members stressed the need for the Commission, representing the whole Union in an international body or organisation or monitoring a private specialist body, to be held more directly accountable to citizens and that the Parliament should be involved in this process. Furthermore, the coordination between the Commission and the Member States which are members of the Financial Action Task Force ( FATF ) should be improved in order for the EU to make its voice heard. Accordingly, the report makes the following proposals : the Commission is called upon to draw on existing best practices at European and national levels in order to draft a European code of conduct on transparency, integrity and accountability , designed to guide the actions of EU representatives in international organisations/bodies; Parliament should be closely associated in the drafting process; the adoption of an interinstitutional agreement with the aim of formalising a 'financial dialogue' , should be organised with the European Parliament for the purpose of establishing guidelines regarding the adoption and the coherence of European positions in the run-up to major international negotiations. The Commission should report back regularly on the application of these guidelines. Active involvement of national parliaments at their respective levels, by controlling the positions taken by the representatives of the member states concerned, is also necessary; enhanced accountability of the Commission to the European Parliament by streamlining the process for the definition of EU positions at the meetings of the G20 in policy fields related to employment, energy, trade, development and anti-corruption; Member States to accept the representation of the Banking Union in the Basel Committee on Banking Supervision through the Single Supervisory Mechanism; include in its work programme the external dimension of economic and financial regulation, that is, the work anticipated to take place in international financial institutions; the transparency and accountability of the Euro Group should be improved; progressive streamlining of the EU representation should be implemented over the next years, first through enhanced coordination and then, after an assessment, through the unification of seats ; membership of these organisations and bodies should be allocated in accordance with the respective competences of the EU institutions and the European Supervisory Authorities (ESAs), the Council/Eurogroup, and the national authorities; the EU should work on the functioning of those organisations and bodies with a view to moving away from consensus to a weighted majority voting system; it is the duty of the Commission, the Council, or where appropriate the Euro Group, to strengthen coordination through preparatory meetings; a thorough assessment of the two separate seats currently allocated to the European Council and Commission presidencies at G20 meetings; promote the establishment of a roadmap towards the creation of a global treaty-based financial organisation , with wide-ranging powers of recommendation, negotiation of minimum binding standards, multilateral dispute settlement mechanisms and, where appropriate, sanctions. Lastly, Members are of the opinion that the Commission should be provided with an explicit mandate to foster a new impetus for the promotion of multilateralism regarding financial, monetary and regulatory international cooperation.
  • date: 2016-04-11T00:00:00 type: Debate in Parliament body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20160411&type=CRE title: Debate in Parliament
  • date: 2016-04-12T00:00:00 type: Results of vote in Parliament body: EP docs: url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=26837&l=en title: Results of vote in Parliament
  • date: 2016-04-12T00:00:00 type: Decision by Parliament, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2016-0108 title: T8-0108/2016 summary: The European Parliament adopted by 478 votes to 217, with 9 abstentions, a resolution on the EU role in the framework of international financial, monetary and regulatory institutions and bodies. Parliament stressed that the growing interdependence among economies across the world makes it necessary to move towards increasingly global forms of governance and that the EU should speak with one voice in international institutions/bodies. Concerned at the lack of coherence caused by the fragmentation and diversity of the various organisations/bodies and at the implementation delays regarding rules and orientations agreed at international level, Parliament stressed the need for enhanced international regulatory cooperation, with strong European Parliament involvement . Better coordination: Parliament called for clarification as to the remit of each organisation/body and urged for better policy coherence and coordination among the global institutions through the introduction of comprehensive standards of democratic legitimacy, transparency, accountability and integrity . This should, inter alia, concern: · relations with the public (for example public access to documents, open dialogue with diverse stakeholders, the establishment of mandatory transparency registers and rules on transparency of lobby meeting); · internal rules (for example human resources based on skills, sound financial management, prevention of conflict of interests). Parliament considered that the under-representation of least developed countries in most international financial, monetary and regulatory institutions and bodies is creating an imbalance. As well as geographical disparity in representation, there are also certain sectors - notably civil society, SMEs, consumer representatives and employee representatives – whose involvement in the consultation process could be improved in international discussions regarding financial, monetary and regulatory bodies. Representation of the European Union (EU): Parliament stated that the EU should: · streamline and codify its representation in multilateral organisations/bodies with a view to increasing the transparency, integrity and accountability of the Union's involvement in these bodies, its influence and the promotion of the legislation it has adopted through a democratic process; · become a more proactive global actor in ensuring the future G20 commitments , such as transforming shadow banking, implementing over-the-counter (OTC) derivatives reforms, addressing systemic risks and ensuring that emerging risks to the global economy are taken up on the agenda of the relevant global institution; · seek full membership of international economic and financial institutions where this has not yet been granted and is appropriate (e.g. in the cases of the OECD and the IMF ). Parliament stressed the need for the Commission, representing the whole Union in an international body or organisation or monitoring a private specialist body, to be held more directly accountable to citizens and that the Parliament should be involved in this process. Parliament also welcomed the work done by the OECD on tax issues, especially the OECD/G20 Base Erosion and Profit Shifting (BEPS) project. The coordination between the Commission and the Member States which are members of the Financial Action Task Force ( FATF ) should be improved in order for the EU to make its voice heard. Accordingly, Parliament made the following proposals : · the Commission is called upon to draw on existing best practices at European and national levels in order to draft a European code of conduct on transparency, integrity and accountability , designed to guide the actions of EU representatives in international organisations/bodies; Parliament should be closely associated in the drafting process; · the adoption of an interinstitutional agreement with the aim of formalising a 'financial dialogue' , should be organised with the European Parliament for the purpose of establishing guidelines regarding the adoption and the coherence of European positions in the run-up to major international negotiations. Active involvement of national parliaments at their respective levels, by controlling the positions taken by the representatives of the member states concerned, is also necessary; · enhanced accountability of the Commission to the European Parliament by streamlining the process for the definition of EU positions at the meetings of the G20 in policy fields related to employment, energy, trade, development and anti-corruption; · Member States to accept the representation of the Banking Union in the Basel Committee on Banking Supervision through the Single Supervisory Mechanism; · progression towards a single representation of the euro area within the IMF ; this needs to be done without prejudice to a single European Union constituency in the long term; · include in its work programme the external dimension of economic and financial regulation, that is, the work anticipated to take place in international financial institutions; · the transparency and accountability of the Euro Group should be improved; · progressive streamlining of the EU representation should be implemented over the next years, first through enhanced coordination and then, after an assessment, through the unification of seats ; membership of these organisations and bodies should be allocated in accordance with the respective competences of the EU institutions and the European Supervisory Authorities (ESAs), the Council/Eurogroup, and the national authorities; the EU should work on the functioning of those organisations and bodies with a view to moving away from consensus to a weighted majority voting system; · it is the duty of the Commission, the Council, or where appropriate the Euro Group, to strengthen coordination through preparatory meetings; · a thorough assessment of the two separate seats currently allocated to the European Council and Commission presidencies at G20 meetings; · promote the establishment of a roadmap towards the creation of a global treaty-based financial organisation , with wide-ranging powers of recommendation, negotiation of minimum binding standards, multilateral dispute settlement mechanisms and, where appropriate, sanctions. Lastly, the Commission should be provided with an explicit mandate to foster a new impetus for the promotion of multilateralism regarding financial, monetary and regulatory international cooperation.
  • date: 2016-04-12T00:00:00 type: End of procedure in Parliament body: EP
links
other
  • body: EC dg: url: http://ec.europa.eu/dgs/economy_finance/index_en.htm title: Economic and Financial Affairs commissioner: MOSCOVICI Pierre
procedure/dossier_of_the_committee
Old
ECON/8/02961
New
  • ECON/8/02961
procedure/legal_basis/0
Rules of Procedure EP 54
procedure/legal_basis/0
Rules of Procedure of the European Parliament EP 052
procedure/subject
Old
  • 6.40.16 Relations with international financial organisations: World Bank, IBRD, IMF
New
6.40.16
Relations with/in the context of international financial organisations: World Bank, IBRD, IMF
activities/3/docs
  • url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20160411&type=CRE type: Debate in Parliament title: Debate in Parliament
activities/4/docs
  • url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2016-0108 type: Decision by Parliament, 1st reading/single reading title: T8-0108/2016
activities/4/type
Old
Vote in plenary scheduled
New
Decision by Parliament, 1st reading/single reading
procedure/stage_reached
Old
Awaiting Parliament 1st reading / single reading / budget 1st stage
New
Procedure completed
activities/3/type
Old
Debate in plenary scheduled
New
Debate in Parliament
activities/4
date
2016-04-12T00:00:00
body
EP
type
Vote in plenary scheduled
activities/2/docs/0/text
  • The Committee on Economic and Monetary Affairs adopted the own-initiative report by Sylvie GOULARD (EPP, FR) on the EU role in the framework of international financial, monetary and regulatory institutions and bodies.

    Concerned at the lack of coherence caused by the fragmentation and diversity of the various organisations/bodies and at the implementation delays regarding rules and orientations agreed at international level, Members stressed the need for enhanced international regulatory cooperation, with strong European Parliament involvement.

    Better coordination: the report called for clarification as to the remit of each organisation/body and urged for better policy coherence and coordination among the global institutions through the introduction of comprehensive standards of democratic legitimacy, transparency, accountability and integrity. This should, inter alia, concern:

    • relations with the public (for example public access to documents, open dialogue with diverse stakeholders, the establishment of mandatory transparency registers and rules on transparency of lobby meeting);
    • internal rules (for example human resources based on skills, sound financial management, prevention of conflict of interests).

    As well as geographical disparity in representation, there are also certain sectors - notably civil society, SMEs, consumer representatives and employee representatives – whose involvement in the consultation process could be improved in international discussions regarding financial, monetary and regulatory bodies.

    Representation of the European Union (EU): Members stated that the EU should streamline and codify its representation in multilateral organisations/bodies with a view to increasing the transparency, integrity and accountability of the Union's involvement in these bodies, its influence and the promotion of the legislation it has adopted through a democratic process.

    In addition, the EU should become a more proactive global actor in ensuring the future G20 commitments, such as transforming shadow banking, implementing over-the-counter (OTC) derivatives reforms, addressing systemic risks and ensuring that emerging risks to the global economy are taken up on the agenda of the relevant global institution.

    The EU should seek full membership of international economic and financial institutions where this has not yet been granted and is appropriate (e.g. in the cases of the OECD and the IMF). Members stressed the need for the Commission, representing the whole Union in an international body or organisation or monitoring a private specialist body, to be held more directly accountable to citizens and that the Parliament should be involved in this process.

    Furthermore, the coordination between the Commission and the Member States which are members of the Financial Action Task Force (FATF) should be improved in order for the EU to make its voice heard.

    Accordingly, the report makes the following proposals:

    • the Commission is called upon to draw on existing best practices at European and national levels in order to draft a European code of conduct on transparency, integrity and accountability, designed to guide the actions of EU representatives in international organisations/bodies; Parliament should be closely associated in the drafting process;
    • the adoption of an interinstitutional agreement with the aim of formalising a 'financial dialogue', should be organised with the European Parliament for the purpose of establishing guidelines regarding the adoption and the coherence of European positions in the run-up to major international negotiations. The Commission should report back regularly on the application of these guidelines. Active involvement of national parliaments at their respective levels, by controlling the positions taken by the representatives of the member states concerned, is also necessary;
    • enhanced accountability of the Commission to the European Parliament by streamlining the process for the definition of EU positions at the meetings of the G20 in policy fields related to employment, energy, trade, development and anti-corruption;
    • Member States to accept the representation of the Banking Union in the Basel Committee on Banking Supervision through the Single Supervisory Mechanism;
    • include in its work programme the external dimension of economic and financial regulation, that is, the work anticipated to take place in international financial institutions;
    • the transparency and accountability of the Euro Group should be improved;
    • progressive streamlining of the EU representation should be implemented over the next years, first through enhanced coordination and then, after an assessment, through the unification of seats; membership of these organisations and bodies should be allocated in accordance with the respective competences of the EU institutions and the European Supervisory Authorities (ESAs), the Council/Eurogroup, and the national authorities; the EU should work on the functioning of those organisations and bodies with a view to moving away from consensus to a weighted majority voting system;
    • it is the duty of the Commission, the Council, or where appropriate the Euro Group, to strengthen coordination through preparatory meetings;
    • a thorough assessment of the two separate seats currently allocated to the European Council and Commission presidencies at G20 meetings;
    • promote the establishment of a roadmap towards the creation of a global treaty-based financial organisation, with wide-ranging powers of recommendation, negotiation of minimum binding standards, multilateral dispute settlement mechanisms and, where appropriate, sanctions.

    Lastly, Members are of the opinion that the Commission should be provided with an explicit mandate to foster a new impetus for the promotion of multilateralism regarding financial, monetary and regulatory international cooperation.

activities/2/docs
  • url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2016-0027&language=EN type: Committee report tabled for plenary, single reading title: A8-0027/2016
activities/2/date
Old
2016-02-18T00:00:00
New
2016-03-17T00:00:00
activities/3/type
Old
Indicative plenary sitting date, 1st reading/single reading
New
Debate in plenary scheduled
activities/2
date
2016-02-18T00:00:00
body
EP
type
Committee report tabled for plenary, single reading
procedure/stage_reached
Old
Awaiting committee decision
New
Awaiting Parliament 1st reading / single reading / budget 1st stage
activities/1/committees
  • body: EP responsible: False committee: AFCO date: 2015-04-16T00:00:00 committee_full: Constitutional Affairs rapporteur: group: EPP name: RANGEL Paulo
  • body: EP shadows: group: EPP name: PIETIKÄINEN Sirpa group: S&D name: DELVAUX Mady group: ECR name: FOX Ashley group: GUE/NGL name: VIEGAS Miguel group: Verts/ALE name: GIEGOLD Sven group: EFD name: ZANNI Marco responsible: True committee: ECON date: 2014-10-21T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: ALDE name: GOULARD Sylvie
  • body: EP responsible: False committee_full: Employment and Social Affairs committee: EMPL
activities/1/type
Old
Vote scheduled in committee, 1st reading/single reading
New
Vote in committee, 1st reading/single reading
activities/1
date
2016-02-15T00:00:00
body
EP
type
Vote scheduled in committee, 1st reading/single reading
activities/2/date
Old
2016-02-24T00:00:00
New
2016-04-11T00:00:00
activities/1/date
Old
2016-01-18T00:00:00
New
2016-02-24T00:00:00
activities/1
date
2015-12-01T00:00:00
body
EP
type
Vote scheduled in committee, 1st reading/single reading
activities/1/date
Old
2015-11-30T00:00:00
New
2015-12-01T00:00:00
activities/2/date
Old
2015-12-14T00:00:00
New
2016-01-18T00:00:00
activities/2/date
Old
2015-11-23T00:00:00
New
2015-12-14T00:00:00
activities/0/committees/1/shadows/5
group
EFD
name
ZANNI Marco
activities/2/date
Old
2015-10-19T00:00:00
New
2015-11-30T00:00:00
committees/1/shadows/5
group
EFD
name
ZANNI Marco
activities/2
date
2015-11-23T00:00:00
body
EP
type
Indicative plenary sitting date, 1st reading/single reading
activities/0/committees/1/shadows/2
group
ECR
name
FOX Ashley
activities/0/committees/1/shadows/3
group
GUE/NGL
name
VIEGAS Miguel
activities/1
date
2015-10-19T00:00:00
body
EP
type
Vote scheduled in committee, 1st reading/single reading
committees/1/shadows/2
group
ECR
name
FOX Ashley
committees/1/shadows/3
group
GUE/NGL
name
VIEGAS Miguel
activities/0/committees/0/date
2015-04-16T00:00:00
activities/0/committees/0/rapporteur
  • group: EPP name: RANGEL Paulo
committees/0/date
2015-04-16T00:00:00
committees/0/rapporteur
  • group: EPP name: RANGEL Paulo
other/0
body
EC
dg
commissioner
MOSCOVICI Pierre
activities
  • date: 2015-03-12T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP responsible: False committee_full: Constitutional Affairs committee: AFCO body: EP shadows: group: EPP name: PIETIKÄINEN Sirpa group: S&D name: DELVAUX Mady group: Verts/ALE name: GIEGOLD Sven responsible: True committee: ECON date: 2014-10-21T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: ALDE name: GOULARD Sylvie body: EP responsible: False committee_full: Employment and Social Affairs committee: EMPL
committees
  • body: EP responsible: False committee_full: Constitutional Affairs committee: AFCO
  • body: EP shadows: group: EPP name: PIETIKÄINEN Sirpa group: S&D name: DELVAUX Mady group: Verts/ALE name: GIEGOLD Sven responsible: True committee: ECON date: 2014-10-21T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: ALDE name: GOULARD Sylvie
  • body: EP responsible: False committee_full: Employment and Social Affairs committee: EMPL
links
other
    procedure
    dossier_of_the_committee
    ECON/8/02961
    reference
    2015/2060(INI)
    title
    EU role in the framework of international financial, monetary and regulatory institutions and bodies
    legal_basis
    Rules of Procedure of the European Parliament EP 052
    stage_reached
    Awaiting committee decision
    subtype
    Initiative
    type
    INI - Own-initiative procedure
    subject
    6.40.16 Relations with international financial organisations: World Bank, IBRD, IMF