Brussels Economic Forum 2011: extracts from the Session I on "Strengthening European economic governance - surveillance of fiscal and macroeconomic imbalances"
Type: Speech - summary
End production: 18/05/2011 First transmission: 18/05/2011
The Brussels Economic Forum is the European Union’s premier platform for debate on economic issues. It is an opportunity to meet decision-makers, opinion leaders and other key players from government authorities, international organisations, European institutions, financial institutions, social partners, academia and the media. This year, the time had come for Europe to adopt and implement the full, reformed economic governance framework – from the first European Semester to a robust surveillance of fiscal and macroeconomic policies. Its successful implementation would represent a major overhaul of economic policy coordination in Europe.
On 18/05/2011 in Brussels, Vítor Constâncio, Vice-President of the European Central Bank (ECB), and Klaus Regling, Chief Executive of the European Financial Stability Facility (EFSF), attended the Session I on "Strengthening European economic governance - surveillance of fiscal and macroeconomic imbalances".
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||General view of the Forum
||SOUNDBITE (in ENGLISH) by Vítor Constâncio, Vice-President of the European Central Bank (ECB): first, greater automaticity is needed in all surveillance procedures, including the new macroeconomic surveillance framework. The Council should have less room for halting or suspending procedures against Member States. Strict deadlines to avoid lengthy procedures and the deletion of escape clauses would also contribute to automaticity. This is critical to ensure the credibility of the new framework and address spillovers in a timely manner.
||SOUNDBITE (in ENGLISH) by Vítor Constâncio: we hope that the ongoing negotiations over the legislative package will permit the texts to be significantly improved along these lines. There are also some important areas in which the texts should not be weakened. And I had just mentioned two, in particular, in what regards the softening of the Stability and Growth Pack, by increasing the so-called relevant factors that can justify deviations, to comply with targets or introduce further exceptions or treat in a special way specific expenditure items.
||SOUNDBITE (in ENGLISH) by Klaus Regling, Chief Executive of the European Financial Stability Facility (EFSF): and then, we will have a better system. We will have a better governance system in merging Union and I am convinced that this will help to make merge a Union function better in the future than in the past. However there will be crisis from time to time and that is why we need to think about the possibilities of crisis management, also and not only crisis prevention, but crisis prevention must be the main focus, that is why a lot is happening in this area.
||General view of the Forum