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15 March 2011

ECON committee debate on the European Semester


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A new balance must be struck in the EU between joint and individual responsibility for better economic governance, said European Council President, Herman Van Rompuy. National parliaments and the European Parliament both have a crucial role to play in legitimising future governance structures.


Speaking at the start of an EP - national parliaments meeting on economic governance proposals, Mr Van Rompuy stood by the actions taken to date to shore up the Eurozone, saying that financial markets had reacted "disproportionately" and that EU Member States needed to be given time to adjust.

The European Parliament rapporteurs on the economic governance legislative package highlighted the need for a transparent system, based on a sense of "ownership".

"There must be a structured relationship between national parliaments and the European Parliament when co-ordinating economic policies", said Diogo Feio (EPP, PT), who warned against turning "European Semester" co-ordination into a purely bureaucratic exercise.

"The Economic Semester and the dialogue it can provoke can be an excellent tool but Member States must commit to implementing it correctly", said Elisa Ferreira (S&D, PT).

"It is crucial to have a true dialogue at the EP to really understand the effects of national decisions on the EU economy", said Sylvie Goulard (ALDE, FR).

Vicky Ford (ECR, UK), stressed that the EP would be giving a push to "ownership" of economic coordination. "The model's success will depend greatly on the national ownership we can secure", she said. The discussions continue this afternoon, with keynote contributions from Euro Group Jean-Claude Juncker and Economic and Monetary Affairs Commissioner Olli Rehn, among others.
 

 


© European Parliament


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