Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-06-13-Speech-3-410-000"
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"en.20120613.27.3-410-000"2
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"Mr President, let me first thank you on behalf of the Commission and my colleagues László Andor and Algirdas Šemeta for this opportunity to discuss the first real European Semester after the entry into force of the ‘six-pack’ legislation.
The Commission adopted two weeks ago its most important package of economic policy proposals of the year. We put forward country-specific recommendations for the reforms that are needed to deliver stability, growth and jobs in the 27 Member States and for their citizens. The Member States have taken last year’s recommendations seriously. Efforts have been made to implement them, but progress is still very uneven between Member States and more needs to be done.
To supplement national action, the European level must play its part. The Commission has put on the table concrete proposals to enhance sustainable growth; some of them have been on the table already for several months. They are about creating competitive services and energy markets, a digital single market, investing in infrastructure, promoting research and innovation, and getting better access to fast-growing markets around the world.
Such growth-enhancing structural policies must be supported by enhanced investment, public and private. We need more cross-border and Community investment in renewable energy and green growth, in transport and communication infrastructure, as well as in research and innovation. To this end, we have proposed an increase in the EIB’s lending capacity. We also welcome the recent agreement on our project bond proposal to unlock up to EUR 4.6 billion in a pilot phase. To support growth, we also need a European budget that has the magnitude and the means to invest in the future. In the talks on the next multiannual financial framework, I count on the full support of this House.
At the same time, with last week’s proposal on bank resolution, the EU is the first body in the world that has fully delivered on its G20 commitments to strengthen the regulation and supervision of the banking sector. This is a very important signal ahead of the G20 summit in Los Cabos, where one may expect some other leaders to be tempted to put the blame for the crisis only on Europe’s shoulders. And, as we said two weeks ago in our policy statement, we are preparing further steps towards a full economic union to complete our monetary union, including through a financial union. The main building blocks towards a financial union should include such common elements as a single rule book, integrated financial supervision, a common resolution authority and a single deposit insurance scheme. All these common and integrated elements should be part of the same overall framework, the overall construct, intended for the 27 Member States, while allowing stronger requirements and deeper integration for the euro area as necessary.
The basic principle is clear: the sharing of risk in the guarantee scheme calls for an integrated, strong supervision of the banking sector. There can be no further mutualisation of economic risk without deeper integration of decision making. In other words, to move further in mutualisation, it is necessary to strengthen our stability culture. This basic principle should guide the future construction of both financial and fiscal union.
The Commission supports a strong involvement of the European Parliament in the strengthened European Semester. In this context, I would like to thank Parliament, especially the Committee on Economic and Monetary Affairs, for organising the opportunity to have an economic dialogue on the European Semester on Monday this week. I found it very substantive and constructive and I hope that this sentiment is shared. The Commission stands ready also, in future, to actively participate in any discussion on the outcome of this year’s European Semester. I trust that Parliament will fully engage in the multilateral surveillance of economic policies in the European Union and will be able to ensure that country-specific guidance will be both relevant and ambitious."@en1
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