Strengthening of economic and budgetary surveillance - report by Jean-Paul GAUZES (EPP, FR) Ensuring the correction of excessive deficit of the Member States in the euro area - report by Elisa FERREIRA (S&D, PT)

Type: News   Reference: 81526   Duration: 00:04:24  Lieu: Brussels, Belgium - European Parliament
End production: 09/01/2012   First transmission: 09/01/2012
The European Parliament plays an active role in efforts to emerge from the eurozone crisis and build a more sustainable economic system for the future, based on democratic procedures. On Top of todays EP agenda was an initial exchange of views by the economic and monetary affairs committee on two proposals to further strengsten budgetary surveillance in the euro area. These proposals build on the "sixpack" of laws befing up the stability and groth pact that were adopted last year. The proposal of rapporteur Jean-Paul Gauzès is on the strengthening of economic and budgetary surveillance of Member States experiencing or threatened with serious difficulties with respect to their financial stability in the euro area The proposal of rapporteur Elisa Ferreira deals with the common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of the Member States in the euro area.

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TIME DESCRIPTION DURATION
00:00:00 Title 00:00:05
00:00:05 External shot 00:00:05
00:00:10 Soundbite Jean-Paul Gauzès,PPE, in French "Eurozone members who have sovereign debt problems need to be particularly closely monitored because of the international impact of Eurozone problems. A key part of the proposal is the commission's ability to place a Eurozone member under stronger monitoring, when he facing serious financial difficulties." 00:00:27
00:00:37 Soundbite Jean-Paul Gauzès,PPE, in French "We have the six-pack and we have theses two regulations, we have the new treaty as well being prepared, that at the whole, relates to the administration and management of the Eurozone and theses are providing common tools for the Eurozone. A fact is, that this is not an ideal monetary union but that theses tools will make it more solid." 00:00:32
00:01:09 Soundbite Jean-Paul Gauzès,PPE, in French "If we are going to be critical we can say that the treaty, that is currently been prepared is nothing more than a six-pack with the commission and parliament taken out of it. So why don't we do the opposite? Why don't we insure proper coordination between the reporters and the members of this parliament by integrating certain elements whitch are already in the treaties." 00:00:26
00:01:35 Statement Elisa Ferreira, S+D, in Portugese "Now we have theses 2 new texts. At the moment they are part of the idea of a new treaty that is on the way and they basically reduce the focus that we had in the six-pack. We were looking at mechanisms whitch are now going towards of much more ridged strict control of debt and deficits. They are reinforcing the preventative side but they are doing that without ensuring coherence between the medium and long term strategy that they want the countries to follow and the short term necessities. Now I think that this is one of the major problems that we face here." 00:00:55
00:02:30 Statement Elisa Ferreira, S+D, in Portugese "We need to resolve the potential for inconsistency between the mechanism for monitoring and controlling budget on an annual basis, because this could lead to penalties and proceedings against member states. We need to complement that with a much broader awareness of how the Eurozone works." 00:00:37
00:03:07 Statement Elisa Ferreira, S+D, in Portugese "An issue of legitimacy also applies when we are looking of how the various policy options have been put forward with regard to the budget. Of cause, a country has to be able to take his own budgetary policies inline with his interests. I think we need to put further more detailed work into all of theses issues to insure that there are minimum conditions in place. So that the member states can have some ownership over the solutions represented." 00:00:49
00:03:56 Cutaways 00:00:28
00:04:24 end 00:00:00
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