7. Strengthening economic policy coordination within the euro area
A5-0307/2001European Parliament resolution on the Commission communication on strengthening economicpolicy coordination within the euro area (COM(2001)82 C5-0173/2001 2001/2083(COS))
The European Parliament,
having regard to the Commission communication (COM(2001)82 C5-0173/2001), having regard to Rule 47(1) of its Rules of Procedure, having regard to the report of the Committee on Economic and Monetary Affairs (A5-0307/2001),A. convinced that the introduction of euro coins and notes will fundamentally change the current politi-cal conditions for economic policy coordination among the Member States within the euro area, andtheir responsibilities towards the European citizens concerned,B. whereas, in order to boost economic growth potential in the euro area, this new situation will requirethe Member States to create jobs and improve the quality of life, devise a more coherent politicalframework, in particular through the introduction of more sophisticated and more effective multi-lateral monitoring instruments, gradually adopt more binding coordination mechanisms and open awider-ranging and more extensive democratic debate,C. noting that, although coordination procedures have developed since June 1998, in too many cases themain economic policy decisions of the Member States in the euro area are still taken without inform-ing others beforehand and are only discussed after the event,D. whereas the economic decisions taken by all the Member States in the euro area, particularly the mosteconomically powerful ones, have repercussions on the global economy of the area, especially whenthey concern budgetary, tax and structural questions,E. whereas statistical information in the European Union, and hence in the euro area, is uneven, piece-meal and produced too slowly, compared to other industrialised countries such as the United States,F. whereas efforts to improve economic policy coordination should also focus on measures designed tostrengthen the external dimension of the euro area,1. Welcomes the Commission communication and agrees with its diagnosis regarding the need tostrengthen economic policy coordination among the Member States in the euro area as EMU moves intoits third stage;2. Believes that, in order to strengthen economic policy coordination within the euro area, on the onehand the Eurogroup and its president must play an enhanced and higher-profile role and, on the other, theCommission must fully exercise its right of initiative in line with the role assigned to it by the Treaty;considers that this enhanced coordination should eventually take the form of an amendment to the Treaty or an interinstitutional agreement assigning an increased role to the European Parliament;3. Insists that the Member States manifest their commitments to the Lisbon process, which aims atmaking Europe the most competitive knowledge-driven economy in the world, by including concretemeasures to this effect in the broad economic policy guidelines as well as in their national policies;4. Proposes that information exchange between the Member States of the euro area on their taxpolicies, and in particular anticipated tax revenue, proposed reforms and their budgetary consequences,should be stepped up and that the allocation of fortuitous or exceptional tax revenue should be the subjectof prior discussion between the States concerned;C87E/226 EN 11.4.2002Official Journal of the European Communities
Thursday 4 October 2001
5. Calls on the Member States and the Commission to reaffirm their support for Eurostat to improve itscapacity for compiling harmonised and rapidly available statistical information and commit themselves todeveloping a genuine European statistical architecture;6. Welcomes the Commission’s proposal to publish a regular report on the euro area economy, suggeststhat this report should appear on a quarterly basis, be submitted to the competent committee of theEuropean Parliament and then be immediately available to the public, and hopes that it will not be merely a compilation of statistical data, but rather will reflect the analyses and innovative proposals made and themedium-term prospects, illustrating the useful contribution the Commission is making in the field of economic policy;7. Proposes that the principle that the Member States of the Eurogroup should inform each otherbeforehand regarding their draft decisions should be adopted systematically, particularly on matters of taxation and structural questions; calls on the Commission, where appropriate to undertake an assessmentof the impact of these proposals on the euro area economy, as part of the process of monitoring theLisbon strategy and preparing the broad economic policy guidelines;8. Calls on the Commission, when implementing the Lisbon strategy, to play a full part in encouragingthe introduction of open coordination between the Member States of the euro area, especially as regardsrevenue, training and trade policy, with particular reference to the supply of raw materials;9. Recalls the concern expressed in its resolution of 14 July 1998(
1
) on the Commission communi-cation on the detailed provosions concerning the composition of the Economic and Financial Committeeaccompanied by a proposal for a Council decision on the detailed provisions concerning the compositionof the Economic and Financial Committee (COM(1998)110 C4-0222/1998) that the efficiency of theEconomic Policy Committee and Economic and Financial Committee should be enhanced by streamliningtheir organisation and responsibilities, to ensure that greater account is taken of structural questions with aview to coordinating economic policies and mapping out common medium-term strategies;10. Supports the Commission’s proposal that use could be made of the Treaty provisions concerningenhanced cooperation (Articles43, 44 and 45) to improve the range of instruments available for streng-thening economic policy coordination;11. Calls on the Eurogroup presidency to publicise its work more effectively and to agree to a twice-yearly dialogue with Parliament’s Committee on Economic and Monetary Affairs to keep it informed of themeasures it has taken to implement economic policy coordination in the euro area, and of the effects suchcoordination has had on the real economy, in particular concerning employment and quality of life for thecitizens;12. Suggests that the national budgetary procedures of the Member States in the euro area shouldincorporate the recommendations in the broad general economic policy guidelines as adopted by theCouncil and refined by the Eurogroup if necessary, to ensure that they are implemented correctly;13. Stresses the importance for the Commission’s assessment of both sound public finances and appro-priate macroeconomic policies of reaching a common understanding by the Commission, the EuropeanCentral Bank and the Member States about the effects of each economy’s business cycle on tax revenuesand public spending; urges the Commission and the finance ministries to intensify their work in this areaas a fundamental building block of euro-area economic policy;14. Calls for enhancement of the macroeconomic dialogue with the involvement of the European Par-liament; considers in addition, that an interinstitutional agreement between the Council, the Commissionand the European Parliament should be concluded here on the enhancement and improvement of macro-economic coordination in the European Union, this being also very much the basis for a confidence-build-ing and sustainable economic and employment climate for all affected economic operators in Europe;15. Recommends that the national parliaments should hold an annual debate at the time when theirgovernments submit their respective stability programmes, as this hopefully would lead to greater consist-ency between declarations at EU summits and decisions in national parliaments;
(
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) OJ C 292, 21.9.1998, p. 36.
11.4.2002 EN C87E/227Official Journal of the European Communities
Thursday 4 October 2001
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