Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-30-Speech-3-169-000"

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"The ongoing debt crisis has demonstrated that the current European system of economic governance is not effective in averting crises or preventing them from spreading. The European semester is a cycle of mutual assessments of the EU Member States’ budgetary plans, which enables surveillance of economic policy in the EU in order to prevent the occurrence of significant fiscal and structural problems. The first European semester was inaugurated on 1 January 2011 and, as experience has shown, the procedure needs to be improved. In most cases the Commission’s recommendations for the Member States were reduced in scope by the Council, and this may frustrate effective economic coordination in the future. It also proves that in this area the Community method is more effective than an intergovernmental approach. Therefore, when drafting further legislation in the future, we should endeavour to increase the role of the European Parliament at the expense of the Council, since such a solution will ensure that the scope of the final recommendations is independent of national political interests. The position of Parliament can be strengthened by institutionalising economic dialogue, for example, and in particular by setting up a special parliamentary committee on the European semester. As part of the committee’s work, MEPs could, for example, ask the Council to justify changes made to the Commission’s recommendations, and could request finance ministers from Members States which have not implemented the recommendations to attend the committee’s meetings. The clear inclusion of Parliament will increase the democratic legitimacy of the procedure as a whole and will also support the integrity of the European legal system and the transparency of the institutional structure."@en1

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