Brussels, 16/01/2013 (Agence Europe) - The inter-institutional negotiations on the “two-pack” of legislation which completes the revised stability and growth pact for the eurozone countries have come to a an end (see EUROPE 10745), but final agreement still awaits a statement from the European Commission on budget solidarity that will satisfy both the European Parliament (EP) and the Council of Ministers. At present, none of the EU institutions seems willing to make a move towards the others in order to allow formal adoption of the legislation, despite the European Summit's setting December 2012 as the deadline for agreement.
The S&D, ADLE and Greens/EFA Groups at the European Parliament want the Commission to make a clear commitment to rapidly unveil formal legislation to establish a redemption fund to temporarily manage the portion of debt of each eurozone nation above the 60% of GDP mark (see related article). The Commission does not want to promise too much because there is no consensus among the member states. The departments of Commisioner Rehn and President Barroso have each given the EP a draft statement that the three big political parties find unsatisfactory. They are of the opinion that the Commission should take the initiative and force the Council of Ministers to express its views publicly - a tough task only months ahead of general elections in Germany.
The EPP Group is reportedly prepared to adopt the draft legislation speedily at an upcoming plenary, but the S&D, ADLE and Greens refuse to do so until they have won their way. Nobody wants to risk a vote in plenary because, which ever way things go, only a slender majority could be achieved. An MEP described the situation as deadlock.
The legislation introduces into European law various budget pact measures, tightening the surveillance of eurozone nations and requiring them to submit to the Commission each October their budget plans for the following year so that the Commission can examine them and ask countries to make change where necessary so as to ensure budget targets are met. (MB/transl.fl)