Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-12-14-Speech-3-071-000"
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"en.20111214.6.3-071-000"2
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"Madam President, I would like to thank the Commission for having given Parliament time to express its views on the draft scoreboard. The relevant recital of the regulation specifies that the Commission should seek comments from the competent committee of the Parliament before adopting the scoreboard. This oral question, with the accompanying motion for a resolution, is the response to this consultation.
Finally, and as must be evident from what I have said concerning literature references and methodology, I would like to stress that a transparent implementation of this new policy instrument is of utmost importance throughout the procedure. Therefore, I urge in this respect that the Commission ensures that any updates or reports on the functioning of this instrument are formally addressed both to the European Parliament and to the Council, and on an equal basis.
As you know, Parliament has been very engaged on this topic. There was a very protracted debate in Parliament, and with the Council, in order to reach the final text in codecision on the ‘six-pack’, so this is a very sensitive subject for us. The scoreboard is an important tool for observing potential imbalances, even though the definitive measures are in any subsequent in-depth studies.
Parliament attached a high importance to the indicators having both upper and lower thresholds where appropriate, and envisaged this form of comparison as useful. In the draft, this is not the case for most of the indicators. Of course, it is not always appropriate to have both thresholds, but the working document does not explain the reasoning why there are not both in the majority of instances, and it would be helpful to have elaboration on that.
The issue of current account surpluses was also a matter contained in the Commission declaration. In particular, it said ‘macro-economic surveillance covers countries with current account deficits and surpluses, with appropriate differentiation as regards the urgency of policy responses and the type of corrective actions required’.
Now of course the EU is not a closed economy – and it is very important that it is not – but, with regard to one another, we need to aim for better balance within a framework of promoting competitiveness. It is also noted that the Commission working document refers to available economic literature, but no references are given. We consider that references, and a more complete explanation of the methodology, are appropriate.
Spill-over effects were also a significant part of our discussion and one of the objectives of budgetary coordination, and so we ask how the Commission intends to deal with spill-over effects in the scoreboard.
I think it is reasonable to consider the scoreboard as a ‘work in progress’, and it is noted that by the end of 2012, it is intended to set a new set of thresholds relating to financial sector indicators. There is clearly a potential relationship here with the European Systemic Risk Board dashboard indicators. For my part, I suggest that domestic SIFIs may be one area to look at for inclusion in the macro-economic scoreboard.
Also with regard to work in progress, not all of the elements specified for economic reading of the scoreboard in Article 4 have yet been taken into account. We look for all of these to be included in the economic reading of the scoreboard, most notably in relation to employment, drivers of productivity and the role of energy.
And now, more generally, how does the Commission intend to implement the scoreboard as part of the agreed regulation on the prevention and correction of macro-economic imbalances? In particular, how does it intend to implement the assessment of Member States showing large account deficits or surpluses as part of the annual alert mechanism report? What measures will the Commission take to make sure that it has timely statistics of the highest quality for inclusion in the scoreboard and its economic reading?"@en1
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