Brussels, 07/07/2011 (Agence Europe) - On Wednesday 7 July, the European Parliament asked the European Commission to add a number of initiatives, particularly in the field of financial markets (the reform needs to be completed, in the view of the MEPs) to its working programme 2012.
The EP is calling on the Commission to propose, as soon as it can, possible methodology for a permanent crisis management mechanism, operated under Union rules, to present a feasibility study on bringing in a common system for issuing sovereign European bonds under a joint regime of responsibility based on solidarity, and proposals to bring the stability elements of the EUROPE 2020 strategy into all its elements and adopt single external representation for the eurozone.
The EP stresses the need to regulate entities which are closely linked to the banking system and play similar roles, without being subject to the same registration (shadow banking).
The MEPs call on the European Commission to present, as a matter of urgency: - a proposed directive on the financial instrument markets (MiFID), to provide a key regulatory framework for the trade in bonds, negotiation platforms and codes of conduct for investment companies; - a proposal on crisis management for banks/credit establishments, as soon as the bank stress tests underway are complete.
The EP invites the Commission to present to the Parliament in 2012: - further proposals to integrate retail banking services; - a proposed crisis resolution mechanism for insurance companies.
The EP stresses the significant role of credit ratings agencies in the emergence and worsening of the eurozone debt crisis and its effects on the European banking sector. It therefore calls on the Commission immediately to propose a revised legislative framework, making it possible to step up the regulation and supervision of the credit ratings agencies. It takes the view that creating a European credit ratings agency would bring about the most welcome scenario of a variety of approaches.
Intelligent growth. The EP suggests tackling a number of fields which respond to new technological developments, whilst reinforcing the digital single market; possibly cloud computing, the internet of things, electronic signatures and IT security. It expects the Commission to ensure that measures to cut data roaming costs become fully effective in 2012.
Sustainable growth. The EP calls on the Commission to assess the functioning of the early warning and reaction system and of the early warning system for food and animal feed, “in order to remove any faults from them”. It calls on the Commission to put forward a legislative proposal “banning the sales of food derived from cloned animals and their offspring” and to table the new legislative proposal on new foods.
The EP regrets that it is impossible to phase out restrictions on liquids, aerosols and gels in air passengers' hand baggage, “which should remain a priority objective of the Commission”.
Inclusive growth. The EP takes the view that there are too few legislative proposals in the field of employment and social affairs, and calls on the Commission to propose a “new social strategy”. MEPs lament the fact that the Commission has still not tabled any proposals to fight violence against women.
Single market. In order to encourage a genuine mobility of workers within the EU, the EP calls on the Commission to propose an ambitious reform of the directive on vocational qualifications, by simplifying automatic recognition procedures, whilst respecting patient security, increasing the mobility of young graduates and re-examining all or part of certain regulated professions.
JHA. The EP invites the Commission to ensure that the Schengen acquis is fully respected and calls for any proposal by the Commission to be examined in line with the European method. The EP calls on the Commission to respect European data protection rules in negotiations with third countries and stresses that it will pay very close attention to the compatibility of all proposals with fundamental rights, particularly as regards the PNR system for Europe, a European system for the extraction of financial data, and any PNR agreement between the European Union and third countries (with negotiations currently underway with the United States, Canada and Australia). (L.C./transl.fl)