Brussels, 29/03/2011 (Agence Europe) - The special parliamentary committee at the European Parliament on the crisis is examining a new integration model, which will enable the European Union to turn the page on the financial, economic and social crisis that it has been experiencing. After having presented an interim report in September 2010 (EUROPE 10226), the committee will at the end of May adopt its definitive draft report devised by French Socialist, Pervenche Berès, which the EP is due to vote on in its July plenary session.
Three years after the crisis began, not much has been resolved, declared Berès. She is convinced that one of the lessons that needs to be drawn is the necessity of “deepening the European project”. According to Bères, MEPs must clearly say how European integration can be strengthened and if this is not possible with 27 members, “enhanced cooperation” between eurozone countries is required because these member states “have a specific responsibility to themselves and Europe”. In the field of economic governance, the draft report advocates the creation of a “European Treasury” in an effort to help strengthen the economic pillar of Economic and Monetary Union. To increase competitiveness, adapted structural reforms will prove necessary, as well as “balanced” public spending because “budgetary discipline in itself will not solve all the problems”. Posing the question of funding long-term investments, particularly in education, Berès expressed concern about austerity plans requiring countries to continue implementation of the EUROPE 2020 strategy but which do not allow for spending to be taken into account other than expenditure on pension systems used for capitalisation purposes.
The rapporteur also argues in favour of eurobonds for part of the non-excessive public debt, as part of the Stability and Growth Pact (this segment represents less than 60% of national GDP). These eurobonds will be quality financial products and will require another step to be made towards common economic and budgetary policy. The draft report also advocates a Community budget of between “5 and 10% of EU GDP”, with national budgets being reduced respectively.
At an international level, the rapporteur considers that a new monetary system should be developed in an effort to combat macro-economic imbalances, which have a real impact in the EU. She said that “today, the debate is focusing on competitiveness disparities. Citizens are subsequently being called on to make more effort. This can be described as austerity policy. Nonetheless, speculative manoeuvring on the currency markets is undermining all the efforts being requested”. (M.B./transl.fl)