Economic governance "two pack":

Type: News   Reference: 91648   Duration: 00:03:53  Lieu: Brussels, Belgium - European Parliament
End production: 20/02/2013   First transmission: 20/02/2013
- extracts from the press conference EP Committee on Economic and Monetary Affairs Background: A press conference was given by the two repporteurs of the Two-Pack Initiative, which are two different proposals for stepping up financial discipline within the Eurozone. The two-pack builds on the six-pack, a group of economic governance regulation that entered into force on 13 December 2011 aiming to restore economic stability in the EU. The EC has now proposed the two-pack initiative to step up surveillance of Eurozone members' national budgets and have no more oversight of the economic policy plans of those that are in financial difficulties. Elisa FERREIRA (S&D) affirmed that Commission should not automatically be entrusted with the power to ask a country to change its budget plans, and that there is a need for some rebalancing of powers to allow for more national ownership and a better democratic process. The other reporter, Jean-Paul GAUZES (EPP) looked at the proposal for strengthening economic and budgetary surveillance of Eurozone countries experiencing serious financial problems and to provide them with bankruptcy protection.

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TIME DESCRIPTION DURATION
00:00:00 Title 00:00:05
00:00:05 Exterior shot of the European Parliament, Brussels, Belgium (1 shot) 00:00:05
00:00:10 Interior, Economic governance "two pack" Press Point, EP Committee on Economic and Monetary Affairs , (1 shot) 00:00:05
00:00:15 SOUNDBITE (English): Elisa FERREIRA (S&D,PT) rapporteur: I think the legal text; the pure legal text has been improved through this procedure. Now we managed in a close cooperation with the Council and COM also to address more long term perspectives in this text. And this long term perspectives include the actual review of how to balance productive public investment needs with the fiscal discipline. 00:00:35
00:00:50 SOUNDBITE (French): Jean-Paul GAUZÈS (EPP, FR) rapporteur: As far as I'm concerned I think it a shame that it has taken a year since the Council 2012 insisted on how urgent it was to get the 2 pack adopted by Parliament. I think we could have gone faster than that. 00:00:18
00:01:08 SOUNDBITE (English): Olli REHN, European Commissioner for Economic and Monetary Affairs Economic outlook: The 1st regulation on enhanced surveillance will ensure a close and effective surveillance of Member states in financial difficulties. It will aliens practices in providing financial assistance of the European stability mechanism which is an inter-governmental entity with the Treaty framework of the European Union and thus it will bring the country surveillance into the Community method. And that is very important. The 2nd regulation on enhanced monitoring will complete the cycle of Economic governance of the Euro zone Member states. It has effective budgetary surveillance and coordination mechanism to the European Semester for the 2nd half of the year when results and policy guidance of the Semester is translated into the National level and into the National budgets. 00:01:07
00:02:15 SOUNDBITE (English): Elisa FERREIRA (S&D,PT) rapporteur: It is not only redemption fund it is also Euro-bills and I think putting together Sovereign debt and analysing how to manage it in a co-cooperative and coordinate way is really a major step that the Euro zone has got to work on. 00:00:17
00:02:32 SOUNDBITE (English): Elisa FERREIRA (S&D,PT) rapporteur: I think the Parliament improved the procedures by giving more time and to guarantee that the budgetary procedure inside each Member state is adequately respectful of the democratic practises and social practises of each Member state whereas at the same time we didn't jeopardize the need for coordination at the Euro zone levels. 00:00:41
00:03:13 SOUNDBITE (English): Rory MONTGOMERY, IE permanent representative to the EU and speaking on behalf of the Irish Presidency : These are obviously very delicate questions and you know for all Member states, we all have our own processes and our own traditions and methods. We are know that for our public opinion, our own democratic representatives in our own national Parliaments, you know the power of the budget it is fundamentally important to National democracy but we also recognise that there is an enormous inter-independence between the countries and this has to be rebalance and I think we feel that the compromise has been reached, it is a reasonable one and strikes the balance. 00:00:35
00:03:48 cut away shot, total view of the Press room, (1 shot) 00:00:05
00:03:53 END 00:00:00
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