During the plenary session of the European Parliament (11-14 June 2018), MEPs quiz the European Commission on progress being made on deepening the economic and monetary union, on member states’ attitudes towards the idea of a European Monetary Fund and how the EU’s long-term budget will support a deeper economic and monetary union. Statements by Roberto GUALTIERI (S&D, IT), Valdis DOMBROVSKIS, Vice-President for the Euro and Social Dialogue, Brian HAYES (EPP, IE) and Ramon TREMOSA i BALCELLS (ALDE, ES).

Strasbourg

debate

plenary session

GUALTIERI, Roberto (S&D, IT)

HAYES, Brian (EPP, IE)

DOMBROVSKIS, Valdis (EPP, LV, EC)

TREMOSA i BALCELLS, Ramon (ALDE, ES)

economic and monetary union package (T)

European Monetary Union package: extracts from the debate

SOUNDBITE (Italian), Roberto GUALTIERI (S&amp;D, IT), The key proposal without doubts is the introduction of a macro-economic stabilization instrument trough the Fund to protect investments during the adverse parts of the cycle. This is the size of the project because absorption of isometric shocks can not be done effectively by monetary policy done by national budgets. If we have already had this assessment in place during the crisis we probably would have saved by the second recession and all the social economic and political consequences of it.

SOUNDBITE (Italian), Roberto GUALTIERI (S&amp;D, IT), In line with the recommendations of this Parliament there is also the reform support programme, it is very important for the concept of structure of reforms to be in line with the actual challenges of today's world. This is not about price competition wages but about a capacity for development and growth which is based on a cohese society.

SOUNDBITE (Italian), Roberto GUALTIERI (S&amp;D, IT), Finally, regarding the Banking Union, it is important to repeat to everyone, in this Parliament as well, that without a mechanism guarantying the same level of protection to deposit, not only the Banking Union but also the Monetary Union is incomplete.

SOUNDBITE (English), Valdis DOMBROVSKIS, Vice-President for the Euro and Social Dialogue, A well-functioning EMU is a core for EU integration. Our economic and monetary union is more resilient now than it was before the crisis, but the work is not yet complete.

SOUNDBITE (English), Valdis DOMBROVSKIS, Vice-President of the EC in charge of the Euro and Social Dialogue, With regard to the integration of ESM into EU legal framework regrettably the Council has not yet started legislative negotiations on the Commission&rsquo;s proposal, as several Member States are not in favour of anchoring the ESM to EU law. However, there is general support for the idea of converting ESM to European Monetary Fund.

SOUNDBITE (English), Brian HAYES (EPP, IE), Despite all the pain of the financial and sovereign debt crisis, Europe has come back strongly. We are living through a jobs rich recovery and that success is based on prudent budgeting, new investment, structural reforms and a commitment to stick to the rules of the fiscal compact. Firstly, is absolutely useless dreaming of new ideas, if we are not delivering on what we said we will do already, let us deliver on our existing commitments. Secondly, if you are a small, big or medium size country the rules apply to everyone. And thirdly, whatever change is proposed it must be an inclusive format. That means, from our perspective, no Euro area Parliament, no railroading of small or indeed all Member States.

SOUNDBITE (English), Ramon TREMOSA i BALCELLS (ALDE, ES), On the European Monetary Fund, I think, a double accountability will have to be introduced. National Parliaments should continue to be in charge of accounting for the programmes and actions from the IMF. But so should the European Parliament. How can we explain to our voters that the European Parliament, the institution that wants to represent democracy in the EU, does not have a say over the conditions in bail out? This anomaly needs to be addressed, otherwise if MEPs cannot decide on European-wide important issues, why should people go to vote in the next European elections?