Extracts from the report by Werner Langen, Member of the EP, on EMU@10: the first 10 years of Economic and Monetary Union and future challenges, with the participation of Joaquín Almunia
End production: 17/11/2008 First transmission: 17/11/2008
Members of the EP held a debate on a comprehensive overview of how all aspects of the Economic and Monetary Union (EMU) could be developed in the years to come. The report from the Committee on Economic and Monetary Affairs gives Parliament's views on the European Central Bank, the Lisbon Strategy, the Stability and Growth Pact, external representation for the Euro area and financial services supervision, among other issues. The committee's report, drawn up by Pervenche Berès and Werner Langen, members of the EP, stresses that the Euro has helped economic stability, but that more needs to be done to get most from the Economic and Monetary Union, including coordinated economic reforms as set out in the Lisbon Strategy. They stress the need to need to stick closely to the Stability and Growth Pact, and argue for more budgetary consolidation, but also efficient public spending.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
|| Exterior view of the European Parliament in Strasbourg
|| Pervenche Berès, Member of the EP, (in FRENCH) on the fact that governments must act in order to tackle the financial crisis and re-launch the economic activity within the EU; saying that it is now time for ECOFIN Ministers to do what the EU treaty asks for: to consider their economic policies as policies of common interest;
on the need to open a new debate on the introduction of financial stability as one of the objectives of the EMU;
|| Werner Langen, Member of the EP, (in GERMAN) on his agreement with Jean-Claude Junker as regards the need of proper external representation for the EMU at international fora;
on the dilemma between the need of advanced economic coordination of financial policies (German proposal) and the need of having a more institutionalised forum (French proposal); saying that in his group, they think that an economic government is not needed but well better coordination and more discipline from Member States;
|| Joaquín Almunia, Member of the EC in charge of Economic and Monetary Affairs, (in SPANISH) saying that he strongly supports the need of coordination of economic policies to solve the economic and financial crisis; specially in these times when we confront in-pending recessions, and, for the first time in our lives, we are facing the prospect of deflation;
on the need to have a strategy with multilateral institutions and with our main counterparts to protect the economic interests of the EU;
|| Jean-Claude Juncker, President of the Eurogroup, (in FRENCH) on his astonishment when listening to the calls of some governments for more economic coordination when they do not act on the same direction; on the example of automobile industry problems, where coordination is necessary;
on the fact that the Eurogroup has been asking for more regulation of the financial markets; saying that the United States and the United Kingdom had a great deal of time to answer to Eurogroup demands of more regulation and they did not want to;
|| Cutaways (4 shots)