During the meeting of the Committee on Economic and Monetary Affairs (ECON), MEPs exchange views on the economic and monetary union (EMU) package. Statements by Valdis DOMBROVSKIS, Vice-President of the EC in charge of the Euro and Social Dialogue, and Pierre MOSCOVICI, Member of the EC in charge of Economic and Financial Affairs, Taxation and Customs.

Brussels

exchange of views

meeting

Committee on Economic and Monetary Affairs

MOSCOVICI, Pierre (PSE, FR, EC)

DOMBROVSKIS, Valdis (EPP, LV, EC)

economic and monetary union package (T)

EMU package: extracts from the exchange of views

SOUNDBITE (English), Valdis DOMBROVSKIS, Vice-President of the EC in charge of the Euro and Social Dialogue, The EMU deepening is not an end in itself but a way to achieve jobs, growth, social fairness, economic conversion and financial stability. The guiding principles for the Commission are clear: unity, efficiency and democratic accountability. Whenever possible the EMU and its completion must be open to all EU Member States. We need to make a more efficient use of resources, responsibility and solidarity, risk reduction and risk sharing need to go hand in hand.

SOUNDBITE (English), Valdis DOMBROVSKIS, Vice-President of the EC in charge of the Euro and Social Dialogue, I firmly believe that, to prosper, the Euro must be open and inclusive. We saw in the past how ambitions of integration health field conversions, so we should support EU countries that wish to join in the Euro. And the Commission is proposing that upon request they could receive support for reforms that makes them to prepare for membership and prospects once inside the Euro area. In the short-term, it could be done by via a dedicated work stream and the Structural Reform Support Programme and for a period after 2020 we propose a dedicated conversions possibility and we will come with a proposal also on this in May.

SOUNDBITE (English), Valdis DOMBROVSKIS, Vice-President of the EC in charge of the Euro and Social Dialogue, The Commission thinks that we should build on the success of the European Stability Mechanism by assisting financially the Euro area countries in distress. ESM allows the fiscal space necessary for reforms and the time for recovery. By turning the ESM into the European Monetary Fund, this should help tackle future crisis more effectively and with a more democratic oversight.

SOUNDBITE (French), Pierre MOSCOVICI, Member of the EC in charge of Economic and Financial Affairs, Taxation and Customs, We need to build for the long-term a model which is stronger and more resilient. Now we are making progress of course, with the tool which Valdis has just mentioned. This will be on a voluntary basis so that Member States will be able to fully adopt this and there will be reforms in the education sector to encourage social inclusion.

SOUNDBITE (French), Pierre MOSCOVICI, Member of the EC in charge of Economic and Financial Affairs, Taxation and Customs, The proposal of a European Minister of Finance is one of the proposals, I think, which really shows the strengthening of the democratic element and it is something that we proposed. We suggested merging the role of the Commissioner responsible for Economic and Monetary Affairs and the President of the Eurogroup, and this is something we will be coming back to in the next Commission. I think that Commission will be arguing for this and that person will be democratically responsible to your institution. And I think that this will lead to increase transparency and therefore effectiveness.