Brussels, 12/02/2009 (Agence Europe) - The EP committee on economic and financial affairs adopted, on Wednesday 11 February, the report by Elisa Ferreira (PES, Portugal) calling for continued and strengthened EU-level coordination of national recovery plans. Divergence in implementing the various national programmes could affect the way the single market works, MEPs say, suggesting that member states should be under an obligation to consult with each other, as well as with the European Commission, before taking major economic decisions. Plenary vote will be held in Strasbourg in March.
The very top priority of the recovery plan must consist in protecting EU citizens from the effects of the financial crisis, MEPs say, deploring however that the Community dimension of the European recovery plan is limited to only 15% of the total effort (€30 billion compared to €170 billion for member state measures). They stress the need to safeguard jobs and stimulate demand, while ensuring that measures taken will allow territorial cohesion to be ensured throughout the EU. MEPs thus call for a true European employment pact to be defined and they support the Commission's proposal to rapidly release funds from the European Social Fund and to facilitate access to the European Globalisation Adjustment Fund. To allow better access to credit for individuals and business alike, governments and member states could set up incentives and sanctions. The report also calls for confidence to be restored in the financial sector and for markets to be improved for the future, calling in particular for an increased role on the part of the European Central Bank (ECB) when it comes to financial stability and banking supervision. Rescue plans for the banking sector should be subject to conditions, MEPs say, suggesting requirements on monetary incentives, dividend distribution, pay policy, provision of credit, loan conditions and restructuring of the sector and protection of social policy terms. (A.B./transl.jl)