Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-11-20-Speech-2-434-000"
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"en.20121120.28.2-434-000"2
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The report of the Presidents of the European Council, the European Commission, the European Central Bank and the Eurogroup ‘Towards a genuine Economic and Monetary Union’ is a good model for holding a discussion on the future of the euro area. In my view, at this level of generality, all interested entities should take part in the debate, so it is very good that Parliament has been able to come up with a position in such short order. Nevertheless, the role of Parliament in future should be still more distinct, and specifically the President of the European Parliament should be part of the team drafting a roadmap for reform of the economic and monetary union. I would also like to emphasise that interested entities means not only institutions, but also Member States, and above all euro area countries and those covered by a temporary derogation from accession to currency union. Parliament’s report is a good instrument which contains a number of sagacious demands such as the call to create a banking union based on three pillars and to deepen the internal market. We are also emphasising that the Fiscal Compact should be transposed into secondary legislation and that economic policy should be more effectively harmonised. Despite reference being made to many important structural principles, there continues to be a lack of a clear vision of responsibility management – particularly in the case of banking union. It is hard to see decision making being transferred to the level of common European authorities while at the same time maintaining national fiscal responsibility for the results of such decisions as a way of bringing about financial stability."@en1
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