Brussels, 16/10/2014 (Agence Europe) - The European Parliament takes the view that the European Commission and the Eurogroup should carry out a stricter monitoring of the national implementation of the country-specific recommendations under socio-economic policy made every year by the European Council for the member states, as part of the budgetary process known as the 'European Semester'.
In the draft 'De Backer' report, which it adopted on Monday 13 October (EUROPE 11148 and 11145), the committee on economic and monetary affairs of the EP calls upon the Commission to present quarterly reports to the European Parliament on progress made in the implementation of the country-specific recommendations. Member states lagging behind would be called upon to explain to the EP the reasons behind this delay and the Eurogroup would have to include a monitoring report in its evaluation of the draft national budgets for 2015, which the Eurozone countries have just submitted to the Commission.
Just 10% of the country-specific recommendations made in 2013 have been heeded in full and little or no progress has been made on 45% of them, the European Commission notes.
Unsurprisingly, the draft report stresses the importance to the member states of reforming their economies, social security systems and healthcare and pensions systems, to allow them to regain competitiveness. It also lays emphasis on the investments needed to boost the economy for the longer term, particularly in the research and innovation sectors. The MEPs are very much in favour of the €300 billion investment plan pledged by the future President of the European Commission, Jean-Claude Juncker, within the first three months of the next Commission taking up its duties.
It is worth noting that the draft report, which will be put to the forthcoming plenary session, stresses the importance of adding to banking union with an insurance and capital markets union. (MB)