Meeting of the Committee of Economic and Monetary Affairs (ECON) on the future of the Economic and Monetary Union in the EP in Brussels. Statements of Markus FERBER (EPP, DE), Pervenche BERES (S&amp;D, FR), Dimitrios&nbsp;PAPADIMOULIS (GUE/NGL, EL) and Philippe LAMBERTS (GREENS, BE) during the exchange of views with Valdis DOMBROVSKIS, Vice-President of the EC, and Pierre MOSCOVICI, Member of the EC in charge of Economic and Financial Affairs, Taxation and Customs.

Brussels

exchange of views

meeting

LAMBERTS, Philippe (Greens/EFA, BE)

BERÈS, Pervenche (S&D, FR)

Committee on Economic and Monetary Affairs

economic governance (T)

MOSCOVICI, Pierre (PSE, FR, EC)

FERBER, Markus (EPP, DE)

Economic and monetary union (T2)

PAPADIMOULIS, Dimitrios (The Left, EL)

DOMBROVSKIS, Valdis (EPP, LV, EC)

Exchange of views with Valdis DOMBROVSKIS, Vice-President of the EC, and Pierre MOSCOVICI, Member of the EC in charge of Economic and Financial Affairs, Taxation and Customs, at ECON Committee: extracts from the meeting on the future of the Economic

https://api.multimedia.europarl.europa.eu/documents/20125/14737494/I108511Chapters%5BSD-EN%5D.srt

SOUNDBITE (English), Valdis DOMBROVSKIS, Vice-President in charge of the Euro and Social Dialogue, Important elements remain to be missing. 1st we need to concentrate in implementing what has been agreed , including the transposition, and we are ready, including reaching agreement on bridge financing of single resolution fund. The Commission intends also to come with a proposal on European deposit insurance scheme, in 2 stage approach, as outlined in the Five Presidents Report. The 1st stage being the insurance scheme for national deposit guarantees schemes, while them moving to an European deposit insurance scheme in a second stage.

SOUNDBITE (French), Pierre MOSCOVICI, Member of the EC in charge of Economic and Financial Affairs, Taxation and Customs, Finalising the Banking Union shows our conviction as regards solidarity. We have to build the necessary political consensus, within a field where the moral hazard is not negligible, without losing the final European objective. I think , from my side, that we need a the deposit guarantee insurance which is the third corner stone of the Baking Union.

SOUNDBITE (French), Pierre MOSCOVICI, Member of the EC in charge of Economic and Financial Affairs, Taxation and Customs, We have to be consistent on the short and medium term. We have to look at what the stage 1 means and then the stage 2. For my side I think it will be weird to externalise already now the elements of the future European Treasury. This one has to be obviously based within the Commission. So you understand me, I'm in favour of an independent body but a body which should be near, or within the Commission, and not for the dispossession of it.

SOUNDBITE (German), Markus FERBER (EPP, DE), On the deposit insurance, and the 3dr pillar of the Banking Union. A year ago we adopted a legislation that foresees that in mid-2019 , not mid-2015, there will be an evaluation, a review, of the how far national system have developed, and building on, thinking about that measures. What has changed fundamentally between the Council and the adoption in the Parliament?

SOUNDBITE (English), Valdis DOMBROVSKIS, Vice-President in charge of the Euro and Social Dialogue, On the European Deposit Insurance scheme, what we are now doing, we are now following the Five Presidents Report. You mentioned the agreements between EP, Council and so. As you know the Five Presidents Report is the report of also president of EU Council, and the European Parliament.

SOUNDBITE (French), Pervenche BER&#200;S (S&amp;D, FR), A new institution, but what for? and you are saying that the fundamental questions will be treated in two phases. But we will to know what is about in these two phases. We see there the risk that the 1st stage will be the stick and the second one will be the carrot, and this last one will never come up. We cannot think up this way. We need an equilibrium, that will allow us to go forward.

SOUNDBITE (French), Pierre MOSCOVICI, Member of the EC in charge of Economic and Financial Affairs, Taxation and Customs, We have to have a budgetary appreciation from the Council; we need to know the fiscal stands, the budgetary consequences at the Eurozone level. That's why the Commission has to stick to its prerogatives. That's why we need new tools, not necessarily new institutions, in the Phase 1.

SOUNDBITE (Greek), Dimitrios PAPADIMOULIS (GUE/NGL, EL), You mentioned that Europe needs more solidarity and more democracy. If that is to mean anything, that means that we have to prefer the community method, and not the intergovernmental one. How is the Euro group now, the Commission is standing on the side line, and the EP doesn't even exist. More solidarity means transfer payments, and you said that this is to go even beyond 2017, and if I understood correctly, even than you will not examine changes in the architecture of the Eurozone, but if any changes are needed, so the reality is very restrictive, you are moving at the snails base, and sometimes you are moving backwards...

SOUNDBITE (English), Philippe LAMBERTS (Greens/EFA, BE), On macroeconomic side of things, without mechanism of financial solidarity, the euro is doomed. You've tackled the financial solidarity in the private sector, as a banking union, thank you for that, but I've heard nothing in terms of financial solidarity in the public sector.