Brussels, 07/07/2010 (Agence Europe) - In Strasbourg on Wednesday 7 July, the European Parliament called for a whole raft of information on the details for the functioning of the European financial stability fund, in its adoption, by 377 votes in favour, 225 against and 48 abstentions, of a resolution tabled on behalf of the parliamentary committee on economic and monetary affairs. The EP calls on the Commission to provide an assessment of the impact of the European financial stabilisation mechanism, particularly on the budget of the Union. The MEPS note that the interest rate for the European financial stability fund seems to be different from the package of measures agreed upon for Greece. They also ask how equity can be assured for non-members of the EMU if the European stability fund does not enter into force until the €60 billion have been exhausted.
The EP takes the view that a more solid framework for the economic governance of the European Union should include a Community mechanism making it possible to resolve the crisis of sovereign debt, such as a European monetary fund, a coordinated approach to macroeconomic rebalancing, and enhanced synergies between the EU budget and member states' budget, complementing fiscal consolidation. The Commission is called upon to carry out a feasibility study before the end of 2010 on the question of innovative financial instruments, such as the joint issuing of Euro-bonds as a means of bridging gaps and increasing the liquidities on the debt markets dominated by the euro. (L.C./transl.fl)