Strasbourg, 08/10/2001 (Agence Europe) - Adopting the report by French Socialist Pervenche Berès on the European Commission's Communication on strengthening economic policy coordination within the euro area by 394 to 45 with 56 abstentions, the European Parliament felt that such a strengthening would mean the "Eurogroup … must play an enhanced and higher-profile role" and "the Commission must fully exercise its right of initiative in line with the role assigned to it by the Treaty, and considers that this enhanced co-ordination should eventually the form of an amendment to the Treaty or an interinstitutional agreement assigning an increased role to the European Parliament". During the debate in the late-night meeting, Ms Berès stressed that the drawing up of economic policies had to happen in the framework of permanent dialogue at the different European and national levels. Following her, Parliament formulated a series of concrete suggestions, calling in particular for:
- the national parliaments, in the form of their respective competent committees, the Commission, the Presidency and the Council and the Eurogroup, and the European Central Bank to hold an annual meeting during a European Parliament session at the time of the preparation of the Broad Economic Policy Guidelines. The National Parliaments should hold an annual debate at the time when their governments submit their Stability Programmes (to achieve greater consistency between declarations at EU summits and decisions in national parliaments) and draw up an annual assessment of the implementation of the Broad Economic Policy Guidelines in their country.
- the Eurogroup Presidency to agree to a twice-yearly dialogue with the EP's Economic and Monetary Affairs Committee to keep it informed of the measures it has taken to implement economic policy coordination in the eurozone and (amendment from the Greens Jonckheer, Mayol I Raynal and Lipietz) on the effects that such coordination has had on the real economy, particularly employment and the standard of living.
- that the principle that the Eurogroup Member States should inform each other beforehand regarding their draft decisions should be adopted systematically particularly on matters of taxation and structural questions and calls on the Commission where appropriate to assess the impact of these proposals on the eurozone economy. The information exchange between these countries on their anticipated tax revenue, proposed reforms and their budgetary consequences be stepped up and that the allocation of fortuitous or exceptional tax revenue be the subject of prior discussions between the states concerned.
- for the Commission' report on the eurozone economy to appear on a quarterly basis and "not merely be a compilation of statistical data".