ECON extraordinary meeting in Strasbourg on economic governance
05/07/2010 EPThe draft report discussed covers 8 recommendations
for future legal actions by the Commission:
1) Establishing a coherent and transparent framework for multilateral surveillance of macro-economic developments in the union and in the Member States;
2): Strengthening the rules of the Stability and Growth Pact (SGP); 3) Enhancing economic governance in the euro area by the Euro Group; 4) Establish a robust and credible excessive debt prevention and resolution mechanism for the euro area;
5) Review the EU budgetary, financial and fiscal instruments;
6) Financial market regulation and supervision with a clear macro economic dimension;
7) Improve the reliability of EU statistics; and
8) Improve the external representation of the Union in the area of Economic and Monetary Affairs.
Commissioner Olli Rehn presented the new Communication by the Commission on "Enhancing economic policy coordination for stability, growth and jobs - Tools for stronger EU economic governance" and had an exchange of views with the Member of the Committee. The Commission indicated in the Communication areas in which the Commission will make legal proposal by end of September. Some of these proposals will fall under the ordinary legislative procedure (co-decision).
1) Establishing a coherent and transparent framework for multilateral surveillance of macro-economic developments in the union and in the Member States;
2): Strengthening the rules of the Stability and Growth Pact (SGP); 3) Enhancing economic governance in the euro area by the Euro Group; 4) Establish a robust and credible excessive debt prevention and resolution mechanism for the euro area;
5) Review the EU budgetary, financial and fiscal instruments;
6) Financial market regulation and supervision with a clear macro economic dimension;
7) Improve the reliability of EU statistics; and
8) Improve the external representation of the Union in the area of Economic and Monetary Affairs.
Commissioner Olli Rehn presented the new Communication by the Commission on "Enhancing economic policy coordination for stability, growth and jobs - Tools for stronger EU economic governance" and had an exchange of views with the Member of the Committee. The Commission indicated in the Communication areas in which the Commission will make legal proposal by end of September. Some of these proposals will fall under the ordinary legislative procedure (co-decision).