Fuente: © European Parliament
http://www.europarl.eu.int/

EU: Improving the performance of the euro area

/noticias.info/ MEPs have adopted a report on the euro area, responding to the first annual report from the Commission on the subject. Drawn up by José Manuel Garcia Margallo y Marfil (EPP-ED, ES), Parliament's report is a wide ranging overview of ways to improve the functioning and economic performance of the euro area.

On macroeconomic policy, Parliament calls for more transparency on the decision making process at the European Central Bank (ECB) and urges Member States to stick to a strict interpretation of the Stability and Growth Pact, notably by pursuing an annual improvement in cyclically adjusted budget deficits of 0.5 per cent of GDP. MEPs repeat their call for better coordination of national fiscal calendars, with national budgetary projections based on similar criteria.

The report stresses the urgency of implementing the Lisbon Strategy on economic reform equally across all the areas concerned, and reiterates Parliament’s call for a league table to show which Member States are making most, and least, progress. Parliament repeats is support for developing a common consolidated corporate tax base, if necessary via the enhanced cooperation mechanism which allows a group of Member States to go ahead with project between themselves, even if the whole EU does not want to take part.

Turning to the internal market, MEPs condemn the protectionist policies adopted by some Member States and stresses the need for more action to open up the fragmented retail financial services markets. They call on Member States to allocate more resources to research and development, and argue that labour markets should be made more flexible. The creation of an internal market for energy should be a high priority.

On the functioning of the Economic and Monetary Union, Parliament agrees that disparities in growth and inflation rates within the euro area are increasingly due to structural reasons. Welcoming Slovenia to the euro, MEPs ask the Commission and ECB to evaluate whether it is justified to use different price stability criteria for accession to the euro than those for setting interest rates.

Parliament argues that greater efforts should be made to coordinate representation of the euro area countries in international financial institutions. It asks the Eurogroup, ECB and Council to step up coordination of exchange rate policy. It also calls for regular meetings between the European Parliament and national parliaments on economic issues, and for the Commission and the Eurogroup to establish a quarterly structured dialogue with Parliament on economic matters along the lines of that already existing with the ECB on monetary policy. notas_de_prensa_archivo