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Sharon comments on European Parliament's Hearing on Economic Governance

September 15, 2010 1:00 PM

Sharon Bowles MEP, who chairs the Economic and Monetary Affairs Committee in the European Parliament, today welcomed the contributions to the current debate on establishing a new and more robust economic governance framework in Europe.

The hearing, which comes ahead of the European Commission's package of legislative proposals due to come out at the end of September, focused on how to tighten fiscal surveillance and how to manage macro-economic imbalances across the EU.

Sharon Bowles said:

"The sovereign debt crisis earlier this year showed deep flaws in the governance framework which will need to be corrected. The Stability and Growth Pact was a pact of convenience for Member States that has had enormous repercussions for EU citizens. We need to develop credible and effective tools to enforce it in the future as well as minimum standards to which Member States must adhere.

"In addition, we will need to look closely at macro-economic imbalances and supporting measures to improve Member States' competitiveness. The EU Semester, due to begin in Spring 2011, will be key in starting this new governance framework and the European Parliament intends to play its institutional role in this respect by increasing awareness, visibility and accountability of these procedures and how the EU institutions have implemented the agreed new rules.

"The Parliament looks forward to working closely with the Commission and the Council to create legislation that will enable the EU, and the Euro area in particular, to better address and prevent excessive fiscal and macro-economic imbalances in order to bring stability to our economy so that Europe can emerge stronger from the crisis."