Brussels Economic Forum 2011: extracts from the session II on "European economic governance framework in practice – Ensuring its robustness"
Type: Speech - summary
End production: 18/05/2011 First transmission: 18/05/2011
On 18/05/2011, the Brussels Economic Forum (BEF) 2011 offered an opportunity to discuss the new era of the EU economic governance. High level decision-makers, economists, social partners and the media will gathered to debate and exchange ideas. 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.
Sharon Bowles, Member of the EP and Chairwoman of the Economic and Monetary Affairs Committee, attended the Session II on "European economic governance framework in practice – Ensuring its robustness", and made statements.
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 Sharon Bowles, Member of the EP and Chairwoman of the Economic and Monetary Affairs Committee: the focus of the Parliament has been in general to try and make sure that the framework is robust and measurable; in particular we are wanting to extend the principle of reverse qualified majority voting in Council which, if your'e not a techy, basically means that instead of the Council having to approve by a special majority to take measures. We just reversed that if you like that burden of proof is essentially and say. Well, actually, you have to by qualified majority vote to stop it.
||SOUNDBITE (in ENGLISH) by Sharon Bowles: what we also want to do is to make sure that we have better and more robust statistics and professional independence both of national statisticians, and also the national Members of the National Court of Auditors, because you're only as good as the independence of those statisticians and those auditors.
||SOUNDBITE (in ENGLISH) by Sharon Bowles: I think If you could remove the zero risk waiting as part of the economic governance package for instance when certain trigger points were reached, then that would be an interesting tool to add to the toolbox of economic governance.
||SOUNDBITE (in ENGLISH) by Sharon Bowles: we remember all too well in the Parliament that it was France and Germany that changed the Stability and Growth Pact when they were no longer within it. Our concern is no matter what the integrity and intent of the current incumbents in the Council are. We can't guarantee the future, so we don't want to have that risk again.
||General view of the Forum