Towards a genuine Economic and Monetary Union:
Lieu: European Parliament , Strasbourg, EP
End production: 20/11/2012 First transmission: 20/11/2012
Extracts from report by Marianne THYSSEN (EPP, BE):
Members of the European Parliament discuss guiding principles for a future Economic and Monetary Union (EMU) on Tuesday 20 November during the Strasbourg plenary session at the European Parliament in Strasbourg.
The guidelines feature accountability rules to match transfers of powers to the EU level which are vital to a future Economic and Monetary Union.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||SOUNDBITE (Dutch) Marianne THYSSEN (EPP, BE), Rapporteur: "We have got to make sure our citizens are on board because at the end of the day it is them and them alone who will give us our political legitimacy and that is what is at stake in this debate this morning my dear colleagues. The key words as far as I am concerned are perfectly clear: hope and trust. We have got to restore trust because families and businesses have to invest and banks have got to lend money as well. The economic engine has got to start ticking over again if we are to create growth and jobs and we have got to give people hope as well. There is a prospect of something better. We will emerge stronger from this crisis, but only if we are courageous, decisive and we act firmly".
||SOUNDBITE (Greek) Loucas LOUCA, Council: "The second package of legislative acts, currently being negotiated are intended to guarantee governance and stability in the Eurozone. The Council has amended its position on two legislative acts as of last week and I hope that will help us reach an agreement with the European Parliament in the hope that these proposals will be adopted by the end of the year. In the long term we are going to have to deepen Economic and Monetary Union still further if we want to guarantee its stability and viability."
||SOUNDBITE (French) Michel BARNIER, Commissioner for the Internal Market and Services: "These crises call for specific responses not just in the financial sector and everything that we are doing there is within a very tight framework. We have had 28 pieces of legislation put on the table in the last two and half years including beyond the specific response, broader more global responses, because these crises have highlighted certain weaknesses and failings in Economic and Monetary Union."
||SOUNDBITE (Dutch) Corien WORTMANN-KOOL, (EPP, NL): "First of all the Banking Union. With direct bank supervision of the ECB and a strengthening, not a weakening but a strengthening of the role of the European Banking Authority, banks must provide sufficient loans to the business world now. A Banking Union is crucial if we are to restore trust in our banking sector but that calls for an ambitious perspective, a European perspective. It means that all banks must be brought under a single European supervisory authority and it also means that we shouldn't have a split between the Eurozone and the other countries. This must be an invitation to people to join in - 27 minus, not 17 plus".
||SOUNDBITE (French) Liem HOANG NGOC (S&D, DE): "Last but not least we need that fifth pillar, that social pillar to ensure that there are wage standards so that we don't have structural reforms that cause a recessionary spiral. We need to ensure that there is budgetary discipline but not at the expense of a social dimension".
||SOUNDBITE (English) Sophia IN 'T VELD (ALDE, NL): "In my view we don't only have an economic crisis and a banking crisis and a debt crisis we have a democratic crisis and the issue of democratic legitimacy is not a nice little extra that we can do once the economic crisis is over. No, democratic legitimacy is a pre-condition for solving the situation that we are in and in this respect I have to say that I am extremely worried when I see that the European Union has taken major steps ahead over the last three years, but in an increasingly undemocratic, un-transparent way".
||SOUNDBITE (French) Philippe LAMBERTS (Greens/EFA, BE): "On the budget dimension, on behalf of us all she dares to challenge a number of taboos and to say that we shouldn't just work on budget spending but also on income and we can't get enough budget income unless we move from competition to cooperation. The same thing applies to mutualisation of debt which clearly has become a word no longer capable of mention by Mr Van Rompuy. He's obviously forgotten how to spell or say the word".
||SOUNDBITE (Czech Ivo STREJČEK (ECR, CZ): "The European Banking Union isn't an economic solution of the problems facing the union. These problems are much bigger than simply public debt and these kinds of policies won't actually resolve these problems. Banking Union will simply make it possible for banks to be recapitalised and it will bring in a stability mechanism. That is not an overall solution, it can't be seen as a panacea".