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South East MEP Sharon Bowles comments on European Commission's proposals on Economic Governance

September 29, 2010 2:30 PM

Sharon Bowles MEP, who chairs the Economic and Monetary Affairs Committee in the European Parliament, has welcomed the European Commission's proposals on economic governance.

The Commission has brought out a package of legislative proposals to tighten fiscal surveillance and manage macro-economic imbalances across the EU, in light of the economic crisis, which will require a co-deciding role for the European Parliament.

Sharon Bowles MEP said:

"It is important to have close co-operation between the European institutions, as these proposals will go through co-decision. The Parliament's contribution needs to be ambitious if we are to bring about a stronger monetary union within the Euro area and enhance fiscal surveillance across the EU. Already, our motion for a resolution on the EFSF and EFSM demonstrates the Parliament's wish to play a cooperative and active role. This is also the message we hope to convey in our own initiative report on Improving Economic Governance, to be voted on next week.

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

"We will also 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. The Parliament intends to play its institutional role in this respect by increasing awareness, visibility and accountability of these procedures.

"The Parliament looks forward to working closely with the Commission and the Council in order to establish a new legal framework 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."