Euro MPs today approved a roadmap to deepen and strengthen the economic and monetary union (EMU), with a proposal drafted by S&D Euro MP Pervenche Berès. It is the European Parliament’s in addition to the contribution to the 5 presidents’ report to be discussed tomorrow at the EU heads of state and governments’ meeting in Brussels.
 
Speaking after the vote, the head of the French socialist delegation, Pervenche Berès said:
 
"In the wake of the financial crisis in 2008, a number of decisions have been taken to make the economic and monetary union more resilient to external shocks. Among them, the banking union which gives the European Central Bank the responsibility to supervise the banking sector.
 
"Despite this progress, the job has not been finished. The Greek crisis reminds us of the need to complete and strengthen our economic and monetary union to ensure sustainable growth and investment. We need to simplify, improve, complete and correct the economic governance rules. The European semester must ensure that we implement better economic policies. There is no time to lose. We can’t afford to hear the discussions on Greece and refrain to act in the next 4 years leaving the Eurozone unchanged. The task ahead will require as much political will as was needed to build the banking union."
 
Concrete proposals to deepen the economic and monetary union include:
 
•         Enhanced democratic accountability through the adoption of convergence guidelines under co-decision and an inter-institutional agreement for the role of the European Parliament within the European semester. The report also calls for more accountability in the Eurogroup's decision-making process, including strengthening the role of the commissioner for economic and monetary affairs and the creation of a European Treasury Office
•         A new legal framework to replace the Troika
•         A social dimension including minimum wage and income mechanism
•         A euro fiscal capacity, including initiatives to increase EMU resilience to face economic shocks and emergencies
•         European-wide measures against tax fraud and evasion and measures to bring about convergence of taxation policies
•         The completion of the banking union
•         The inclusion of the European stability mechanism and TSG within the community law
•         An increased external role of the euro area
•         Commission initiatives to ensure a sustainable reduction of the debt level.