Brussels, 21/11/2014 (Agence Europe) - Two meetings initially planned to discuss the new European Commission's economic policy agenda have merged into a single meeting in Strasbourg on Tuesday 25 November (see EUROPE 11199).
The agenda for this long meeting to begin on Tuesday afternoon after the Pope visits the European Parliament will cover the whole of the economic agenda in general, explained Margaritis Schinas, a European Commission spokesperson, on Friday 21 November. He said the European Commission cannot meet on Monday because that same day, the entire Commission will be attending a debate at the European Parliament in Strasbourg on a motion of lack of confidence in the Commission lodged by the EFDD.
Speculation is continuing about the scope of the Commission's work. It is clear that opinions on the draft member state budgets for 2015 will be issued later this month (therefore at the College of Commissioners' meeting on Tuesday). The meeting of the economic and monetary affairs committee that had been due to discuss the matter in the presence of the relevant Commissioner, Pierre Moscovici, has been cancelled.
Particular attention will be paid to the Commission's opinion on the draft French and Italian budgets after the skirmishes at the end of last month between Brussels and the two countries' social democratic governments (see EUROPE 11187).
Speculation about the 'Juncker Plan' for investment of some €300 billion over three years is continuing apace, less about the type of projects to be financed and more about how the plan will be funded and the amount of new public money required. At this stage, it is unclear whether the plan will be unveiled at the same time as the Commission opinions on member states' budget plans. Publishing the two together, however, would enable the Commission to demonstrate that its policy recommendations take a three-pronged approach , viz. budget consolidation, structural reforms and targeted investment.
Some players, such as Spain and its finance minister Cristobal Montoro, or the S&D group at the EP (see EUROPE 11201), make a clear connection between the two, and call for any public money that may be used to not be included in the public deficit calculations. Other players, such as the ALDE group at the EP, want the provision of finance under the Juncker Plan to be conditional upon application of the country-specific structural reforms recommended by the European Council. If the Commission were to take a position on this, it might unveil an amendment to the European budget rules when it unveils its assessment of the two-pack and six-pack of amendments to the Stability and Growth Pact, in which case Commissioner Moscovici would need to raise the question with MEPs on Monday evening.
Along with its opinions on the member states' draft budgets for 2015, the European Commission will also publish its Annual Growth Review, which kicks off the European Semester for 2015. The Commission is also expected to publish its regular report on macroeconomic imbalances within the eurozone. (MB)