Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-11-20-Speech-2-009-000"
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"en.20121120.3.2-009-000"2
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".
Mr President, honourable Members of the European Parliament, I would like to begin by thanking you for giving me the opportunity to take part in this important debate.
I would especially like to thank Ms Thyssen for her report and for the valuable contribution it makes to the ongoing process of deepening economic and monetary union. As you know, this process began with the European Council’s decision in June, which called upon the President of the European Council to work in close collaboration with the President of the Commission, the President of the Eurogroup and the President of the European Central Bank on the development of a specific and time-bound road map for the achievement of genuine economic and monetary union (EMU). It is expected that this road map will be presented to the European Council in December. As part of the process of preparing for the December meeting, we paid serious attention to the various issues raised in Ms Thyssen’s report on each of the four pillars, namely the financial, fiscal and economic pillars and the pillar of democratic legitimacy. I know that President Van Rompuy informed you about the outcome of the discussions on the European Council’s interim report in October. You are therefore well aware of the progress achieved to date. I would like to remind you briefly of some of the main points in each of the four constituent elements of EMU. The creation of a banking union is a key element in the creation of a genuine EMU. There is a clear need to strengthen the European Union’s banking sector and to move towards a unified banking framework which will be as open as possible to Member States that wish to participate. Our aim is to increase stability and ensure sustainable prosperity. Developments in recent years have shown that high-quality bank supervision is of the utmost importance, together with a single rule book to support it. We have all been called upon to work towards an agreement, before the end of the year, on the legal framework for one of the basic components of the single supervisory mechanism. The Presidency intends to make every possible effort to fulfil this remit, and I am sure we all share this ambition. It is important, of course, that we should ensure a level playing field, both for Member States participating in the single supervisory mechanism and for non-participating states, while fully respecting the integrity of the single market in the financial services sector. A balanced and acceptable solution is needed regarding these changes to voting arrangements and decisions by the European Banking Authority, taking account of possible changes to participation in the single supervisory mechanism. It is necessary to ensure non-discriminatory and effective decision-making within the single market. The discussions in the Council have shown that there is groundswell from Member States and that Member States are willing to reach a balanced agreement. This is very positive. We are also going ahead with the work on parts of the single rule book, including the aim of achieving an agreement on the revised capital requirements and achieving significant progress on the proposal on bank recovery and resolution before the end of the Cyprus Presidency. As regards fiscal and economic deepening, much has already been achieved. We must implement and use the tools agreed in the package of six legislative acts, within the framework of the European Semester, with the special recommendations for each country, as well as the tools agreed in the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union. Additionally, the package of two legislative acts (the ‘two-pack’), which is under negotiation, should further improve economic governance and financial stability in the euro area. The Council modified its position on the two-pack last week. I believe this will help us to reach an agreement with the European Parliament, with a view to approving the proposals before the end of the year. In the long term, we must further broaden EMU if we wish to ensure stability and sustainable prosperity. In October, President Van Rompuy was invited, with the other Presidents, to examine ideas such as the potential for financial capacity and the conclusion of contractual arrangements between Member States and the institutional bodies of the European Union, with regard to the reforms which are specified in the special recommendations for each country. Democratic legitimacy and accountability will be crucial to the success of EMU. We must respect the basic principle that democratic scrutiny must be carried out at the level at which decisions are taken. This entails closer cooperation between national parliaments and the European Parliament. At the same time, the procedure for further integration must be built on the institutional and legal framework of the European Union, and this framework must remain open and transparent for all the Member States. Mr President, honourable Members, I look forward to hearing your views and I shall be pleased to pass on to President Van Rompuy the issues which are raised here today. I also know that the President of the European Parliament has the opportunity to exchange views on this subject in the course of his contacts with the other Presidents. I look forward, and shall be giving close attention, to your contribution to this process. We greatly appreciate the opportunity you are giving us to discuss the issue this morning."@en1
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