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EU Economic and Financial Affairs

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MEPs have pushed with the so called 6-Pack and now with the 2-Pack for a better economic and financial governance in the EU. 6-Pack: http://www.europarl.europa.eu/sides/getDoc.do?type=IM-PRESS&reference=20110429FCS18371&format=XML&language=EN 2-Pack: The adopted texts grant the European Commission more control over Eurozone countries' fiscal policy, but not the free rein it asked for. The increased powers would be subject to more democratic control and the budget cuts suggested by the Commission should not be made at the expense of killing off investments with growth potential, not least those in education and healthcare. The texts also propose a whole new chapter to directly stimulate growth and provide an immediate fix for the Eurozone crisis. The main elements of this chapter are: setting up a European Debt Redemption Fund. This would mutualise all the Eurozone countries' debts in excess of 60% (around 2.3 trillion euro) within a common redemption fund. The repayment of this debt would then be carried out over 25 years, thereby buying time for structural reforms to be carried out properly and lowering the average interest paid to refinance this debt, one month after the legislation enters into force, the Commission would be required to present a roadmap for introducing Eurobonds, and also one month after the legislation enters into force, the Commission would be required to present a proposal for a growth mechanism, equal to 1% of GDP (around 100 billion euro), for infrastructure investment.
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Type: EbS   Reference: 86075   Date: 26/07/2012   Duration: 00:47:02
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