Brussels, 20/09/2012 (Agence Europe) - On Thursday 20 September, several MEPs on the European Parliament's Economic and Monetary Affairs Committee called for the European Parliament to take time to examine the draft legislation that would give the European Central Bank (ECB) ultimate supervisory powers for the supervision of banks in the eurozone. During a debate on the draft own-initiative report by Marianne Thyssen (EPP, Belgium) on strengthening Economic and Monetary Union (EMU) (see EUROPE 10692), Werner Langen (EPP, Germany) said he didn't want to contribute to a bad solution that takes power away from the European Banking Authority. Referring to the three member states that called at the ECOFIN Council (see EUROPE 10690) for sufficient reflection time to be taken, he called for a public hearing to be organised in October. The MEP added that people should not buckle under pressure, but should take their time to properly analyse this tricky legislation from all angles, saying that the Thyssen Report should not be adopted until next year. In a similar vein, Ivo Strejcek (CRE, the Czech Republic) warned against haste, saying that a better quality solution would be found if people were in less of a hurry.
The committee chair, Sharon Bowles (ALDE, UK) said that the deadline for adoption of the report was 24 September and speedy action was needed so that the four Parliament negotiators could have a full role to play in the drawing up of the roadmap for a genuine EMU, part of which will be unveiled at the European Summit on 18 and 19 October.
Several MEPs said it was important to respect the timeline. Sylvie Goulard (ADLE, France) said the bank situation was critical in a number of countries over which neither the Parliament nor the Council of Ministers had any control. The advent of the ECB as bank supervisor in the eurozone was a precondition (although not necessarily sufficient in itself) for the new European Stability Mechanism bailout fund to directly bail out struggling banks, explained Thyssen. Sven Giegold (Greens/EFA, Germany) said that every time the Parliament moved forward quickly and united, then it was in a stronger position vis-à-vis the Council. Elisa Ferreira didn't want the Parliament to be used as a pretext for delays (S&D, Portugal).
Democratic legitimacy. Several MEPs pointed out the importance of having greater democratic legitimacy for the EU's institutional set-up. What is at stake here is making a federal and a democratic leap at the same time, said Liêm Hoang-Ngoc (S&D, France), calling for greater codecision powers for the Parliament in the European Semester process. Democratic legitimacy is not an added bonus, warned Sophie in't Veld (ADLE, the Netherlands). Philippe Lamberts (Greens/EFA, Belgium) asked who would be a pioneer for democratic progress if it weren't the Parliament. Roberto Gualtieri (S&D, Italy) said the main shortcoming in economic governance in Europe was lack of democratic legitimacy. Strejcek said that national parliaments should be consulted about such an important matter. (MB/transl.fl)