Brussels, 18/04/2013 (Agence Europe) - The European Parliament asked the European Commission for explanations on Thursday 18 April of why the EP had not been consulted over the change in economic indicators used to measure economic imbalance in the eurozone.
Sharon Bowles (ADLE, UK), the chair of the European Parliament's economic and monetary affairs committee, said in an oral question to the Commission that there had not been any consultation despite the fact the EP has the same rights as the Council of the EU when it comes to European economic governance. The EP says it did not receive any information about the introduction of the eleventh indicator on the growth of financial assets until only a few days before publication of the new indicator list, but the Council of Ministers had been informed about it early enough to be able to intervene. Bowles said the indicator was not necessarily a bad one, but the fact that there were several options meant that a proper debate should have taken place in which the EP should have contributed.
On behalf of the European Commission, Justice Commissioner Cecilia Malmström regretted the MEPs' anger, saying that the Commission had acted in line with EU legislation and the technical adjustment to the list of indicators had been carried out on the basis of a political agreement that the EP had been involved with in the past.
Last week, the Commission published a detailed report into macroeconomic imbalances in 13 member states, laying particular stress on Slovenia and Spain (see EUROPE 10824). The report is aimed to help member states prepare their stability and reform programmes, due to be sent to the Commission later this month. Recent changes to the eurozone stability and growth pact introduced a new procedure for dealing with excessive macroeconomic imbalances that can go as far as fining the countries concerned. (MB/transl.fl)