The draft own-initiative report by Hugues Bayet (S&D, Belgium) on the 'Annual Growth Survey' document that launches the European Semester budgetary process, which was adopted by the economic and financial affairs committee of the European Parliament on Wednesday 21 February, calls for increased democratic controls in the framework of the deepening of Economic and Monetary Union (EMU).
The text was very broadly supported (45 votes to 7 with one abstention), with the EPP, S&D, ALDE and Greens/EFA agreeing on all of the compromise amendments. The GUE/NGL (which also supported most of the compromises) and ENF groups voted against the report, unlike the ECR group, whose voting was fairly uncertain.
The final, more or less balanced report testifies to compromises reached between the various political families. On the one hand, it calls for compliance with the budgetary rules and a reduction of the debt ratio in the most indebted countries. These points are among those supported by the EPP.
On the other, the progressive political forces succeeded in ensuring that the report calls for structural reforms that are socially and ecologically sustainable, and for the 'European Semester' and the country-specific recommendations to make a contribution to achieving the objectives of the European pillar of human rights (see EUROPE 11907).
Echoing the proposals of the European Commission of December of last year (see EUROPE 11920), the MEPs support the deepening of EMU, but would like the roles of the European Parliament and of the national parliaments to be reinforced in this framework, in order to promote stronger democratic controls.
The MEPs are also in favour of the completion of the Capital Markets Union. (Original version in French by Lucas Tripoteau)