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"Parliament will lead push for big and brave reforms on economic governance" - Sharon Bowles MEP

October 28, 2010 1:00 PM
Originally published by Sharon Bowles

Ahead of the European Council meeting on the 28th and 29th of October, Sharon Bowles MEP, Chair of the European Parliament's Economic and Monetary Affairs Committee, warned against backroom deals on economic governance and reminded that the proposed legislation on the table will see Parliament and Member States negotiating on an equal level, as was the case with the financial supervisory rules.

Sharon Bowles MEP said:

"Now that all three EU institutions have come forward with how they wish to proceed on economic governance, we must get to work. Last Monday the Parliament had the first discussion on the Commission's economic governance proposals, which promises to be a highly politically charged co-decision package. It is clear that, just like the financial supervision package, we will need to make big and brave reforms on how we co-ordinate Europe's finances in order to bring back stability to Europe and the Eurozone in particular, which will be in the interests of all our citizens.

"Parliament is under pressure from the other institutions to work quickly. That said, this is an issue that citizens will want to follow because it intimately involves their quality of life. While each institution weighs up the debate on such sensitive issues as; 'to sanction or not to sanction'; it must be possible for citizens to follow the debate and understand the agreements finally reached.

"Ms Merkel may think that economic governance hinges upon a Franco-German agreement, yet one crucial institution does not seem to have featured in the discussions so far - the European Parliament will negotiate the proposals on economic governance with the Council. We are not going to put a rubber stamp on any backroom deals, and certainly there is very little appetite among MEPs for any Treaty change."