Debate on the preparation of the forthcoming Intergovernmental Conference convened for December on economic and monetary union. Discussion on the report by Fernand HERMAN with Alman METTEN, Bouke BEUMER, François-Xavier DE DONNEA,George Benjamin PATTERSON, Brigitte ERNST DE LA GRAETE and Jacques DELORS, EC President followed the the final vote on the report.

debate

plenary session

Economic and monetary union (T2)

monetary union

DELORS, Jacques (FR)

BEUMER, Bouke (EPP, NL)

PATTERSON, (Ben) George Benjamin (EPP, UK)

de DONNEA, François-Xavier G.M.J.C.H. (LDR, BE)

HERMAN, Fernand H.J. (EPP, BE)

ERNST de la GRAETE, Brigitte U.J.M.J.G. (V, BE)

Preparation of the Intergovernmental Conference to create the economic and monetary union: extracts from the debate

SOUNDBITE (French), Fernand HERMAN, rapporteur, Since it was elected by universal suffrage in 1979, the European Parliament is devoted not less than eight reports to the problem of the monetary union in the community and these 30 resolutions, unless I'm very much mistaken. This is the logical and necessary conclusion arrived at from a single market, but it's also a clear political direction to take as well. 

SOUNDBITE (French), Fernand HERMAN, rapporteur, We're therefore particularly pleased to welcome Delors report and the suggestion for an intergovernmental conference on economic and Monetary Union. The interim report that I'm presenting, if you pass it, will enable the European Parliament's delegation at the pre-conference request to open on Thursday morning to make known to the twelve governments meeting before us the point of view of the citizens of Europe that we represent. On the basis of recently published polls, on the need for a common currency in Europe, there can be no doubt that it is the parliament rather than the Council, which reflects the thinking of Europe's citizens.

SOUNDBITE (Dutch), Alman METTEN, We're discussing starting on a new phase of European integration. This will decide the direction we take over the next 10 years. When we discuss the internal market white paper, we made a mistake, an omission, if you like. We didn't draw enough attention to its lack of balance, the lack of a social dimension. We don't intend to make that mistake again. 

SOUNDBITE (Dutch), Alman METTEN, In laying down the outlines of Inter-Parliamentary Union in a treaty, then we must also lay down the possibilities for future policy, the proposals of the Law Committee, the Monetary Committee of the European Commission, all of them would involve a monetary union in which possibilities for monetary policy would be transferred to the community. 

SOUNDBITE (Dutch), Alman METTEN, Those positive business of the community. But economically, all that we would have would be a confederation, an alliance of states which would co-operate on the basis of a voluntary approach. So the macro economic policy, which the community would have to follow would be primarily monetary.

SOUNDBITE (Dutch), Bouke BEUMER, How can that be? How can that be introduced without binding rules? What kind of pressure can be exerted and. Also, the timescale for joining the EMU must be limited. Because you've got to take account of the freedom of capital movements, which will require greater discipline. The need. To come to terms with inherent risks, inflation and there are problems for deficit countries in re-alignment. And the budgetary shortfall, of course, interest servicing, debt servicing interest payments are a major. Factor So interest rates are also a vital. 

SOUNDBITE (French), Fran&#231;ois-Xavier DE DONNEA, Mr. President, the achievement of economic and monetary union among the twelve will be a major stage along the road that should lead us as swiftly as possible to political union. In fact, the political fallout of the gradual achievement of economic and monetary union will easily carry the day over the economic and social consequences, which will nevertheless be very far reaching as well. 

SOUNDBITE (French), Fran&ccedil;ois-Xavier DE DONNEA, The existence of a single currency and then in then or a common currency in a single currency in the future will lead the world to adopt two community policy in all areas of their external policy, which in any way concerns the defence of the European currency on the world monetary chessboard. And therefore, without political union, monetary union will only be an ephemeral construction doomed to disappear when we have the central banking system. 

SOUNDBITE (English), George Benjamin PATTERSON, <p>It appears that there is a virtual convergence of agreement to use the commission's phrase that some kind of central banking system will have to be set up and whatever Mr. Martin says. I think that there is also a converging consensus on its on its basic attributes. First of all, it should be federal in nature. The principle of subsidiarity suggests that it should not be a single monolithic central bank. It should be of a federal nature. </p>

Secondly, this is the critical point. It should have a primary duty and overriding duty to maintain the stability of European currencies in particular, of course, of the ACCC. This does not mean it doesn't have other factors to take into account. And obviously the economic policies of the community are such as a central banking system. It should have written into its articles and into the treaty. The primary responsibility for the stability of the currency official speech is have a look at the factors. 

SOUNDBITE (French), Brigitte ERNST DE LA GRAETE, Measures adopted so far such as they are quite inadequate. The Greens note that to date. There is less fiscal justice in Europe. And whereas as of the 1st of July, it will be complete freedom of movement of capital. There is no fiscal justice, no balance between tax on. The fruits of labour and tax on capital earnings. Also, Europe is being built to the detriment of the as the report of the environmental task force for 1992. 

SOUNDBITE (French), Jacques DELORS, EC President, Three examples of this. What will be the new institutional setup between the European Council, the Council of Ministers, the European Parliament and the Commission? Secondly, will the substance of economic union not give rise to an extension of community authority? For example, the fears expressed by Mr. .... when it comes to an imbalance between economic and monetary union? Will these fears not be allayed because we've decided to extend the responsibilities and powers of community institutions and specifically of the European Parliament? 

SOUNDBITE (French), Jacques DELORS, EC President, And finally, thirdly, if that is the case, it goes without saying, and I would like to make this point to the authors of an oral question with debate put down by a number of members of parliament from the Social Affairs Committee, including the chairman. I'd like to point out that in the course of this debate at an incident, intergovernmental conference or two intergovernmental conference is the commission will call for an extension of the powers and responsibilities of the community in the area of social matters, on the reservation of subsidiarity, of course, and in the area of the environment. 

Final vote on the report (226 in favour, 35 against and 25 abstentions).

Preparation of the Intergovernmental Conference to create the economic and monetary union: extracts from the debate

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