Friday

25th May 2018

No eurozone-only assembly, say MEPs

  • The Van Rompuy paper will top the agenda at the October EU summit (Photo: European Parliament)

MEPs have dismissed suggestions that a new parliamentary body should be set up solely for eurozone members stating that “no new accountability structures specific to the euro-area must be established.”

In an unofficial reflection paper prepared by the three MEPs representing parliament in advance of negotiations with Herman Van Rompuy, the deputies said: "the Euro is the currency of the European Union and European Parliament is the parliament of the European Union. The European Parliament, therefore, is the parliament of the Euro."

Dear EUobserver reader

Subscribe now for unrestricted access to EUobserver.

Sign up for 30 days' free trial, no obligation. Full subscription only 15 € / month or 150 € / year.

  1. Unlimited access on desktop and mobile
  2. All premium articles, analysis, commentary and investigations
  3. EUobserver archives

EUobserver is the only independent news media covering EU affairs in Brussels and all 28 member states.

♡ We value your support.

If you already have an account click here to login.

Van Rompuy recently mooted the possibility of a separate body for the eurozone-17 in an ideas paper circulated to member states.

The EU Council chief also hinted at establishing "a central budget for the euro area" in order to "deal with asymmetric shocks and help prevent contagion."

The parliament's team of ‘sherpas’ consists of German conservative Elmar Brok, along with Liberal group leader Guy Verhofstadt, and Italian centre-left deputy Roberto Gaultieri.

In a five page memo, MEPs claim that reforms should be based on “four building blocks”: banking, fiscal, economic and political union.

In a bid to increase political integration, they also called for all European political parties to appoint a candidate for the Commission presidency for the 2014 elections.

Meanwhile, the Economic and Monetary Affairs commissioner should become the official "treasurer of the EU" and chair eurozone finance minister meetings.

The sherpas also insist that “a more integrated fiscal union should include different forms of fiscal solidarity, from short-term funding instruments on a limited and conditional basis, to gradual roll-over into a redemption fund.” This could also mean the swift introduction of joint liability eurobills to replace short-term government debt.

The idea of a redemption fund pooling all eurozone sovereign debt over the 60% threshold set out in the Stability and Growth Pact to be paid off over 20 years, was presented earlier this year by the German Council of Economic Experts and is unlikely to require a treaty change.

The paper comes as the parliament is set to begin battling with member states over the commission’s ambitious banking union legislation. Although the proposals include a revision of the rule-book establishing the European Banking Authority, which was jointly approved by MEPs and governments l in 2011, the regulation to establish the European Central Bank as the eurozone’s single financial supervisor only gives EU governments a say.

MEPs insist that they will treat the two files as a package with an equal say for parliament. They are also insisting on greater scrutiny powers over the ECB in its new role.

Negotiations between Van Rompuy, the commission and parliament will finalise a set of proposals to top off the agenda at the European Council summit on October 18-19.

Van Rompuy is hoping that member states can agree on the less politically-charged proposals which can be effected without a convention and treaty change.

Germany backs pooling of debt, no joint liability

The idea of a debt redemption fund for eurozone countries is not completely unpalatable to the German government, provided each state remains liable for its own debt, a German finance ministry official has said.

Stakeholder

Green stadiums at the 2018 FIFA World Cup

By the time the tournament kicks off on 14 June, all twelve stadiums will all have undergone a standards certification process for sustainable buildings.

Visegrad Four 'nothing to hide' on rule of law issue

Central European countries say they have "nothing to hide" on rule of law issues - while justice commissioner Vera Jourova said they should agree to the Commission's controversial budget plans on rule of law conditionality.

Analysis

GDPR does not (yet) give right to global oblivion

The 'right to be forgotten' will become enshrined in EU law on Friday, but it is not yet clear to what extent it will apply. Will the EU's law determine how the internet looks globally?

Analysis

GDPR does not (yet) give right to global oblivion

The 'right to be forgotten' will become enshrined in EU law on Friday, but it is not yet clear to what extent it will apply. Will the EU's law determine how the internet looks globally?

News in Brief

  1. Italy set to pick eurosceptic finance minister
  2. UK foreign minister fooled by Russian pranksters
  3. Rajoy ally gets 33 years in jail for corruption
  4. Close race as polls open in Irish abortion referendum
  5. Gazprom accepts EU conditions on gas supplies
  6. Facebook tells MEPs: non-users are not profiled
  7. Commission proposes ending France deficit procedure
  8. UK households hit with Brexit income loss

Stakeholders' Highlights

  1. Nordic Council of MinistersOECD Report: Gender Equality Boosts GDP Growth in Nordic Region
  2. Centre Maurits Coppieters“Peace and reconciliation is a process that takes decades” Dr. Anthony Soares on #Brexit and Northern Ireland
  3. Mission of China to the EUMEPs Positive on China’s New Measures of Opening Up
  4. Macedonian Human Rights MovementOld White Men are Destroying Macedonia by Romanticizing Greece
  5. Counter BalanceControversial EIB-Backed Project Under Fire at European Parliament
  6. Nordic Council of MinistersIncome Inequality Increasing in Nordic Countries
  7. European Jewish CongressEU Leaders to Cease Contact with Mahmoud Abbas Until He Apologizes for Antisemitic Comments
  8. International Partnership for Human RightsAnnual Report celebrates organization’s tenth anniversary
  9. Nordic Council of MinistersNordic Cooperation Needed on Green Exports and Funding
  10. Mission of China to the EUPremier Li Confirms China Will Continue to Open Up
  11. European Jewish CongressCalls on Brussels University to Revoke Decision to Honour Ken Loach
  12. Sustainable Energy Week 2018"Lead the Clean Energy Transition"- Register and Join Us in Brussels from 5 to 7 May

Latest News

  1. Green stadiums at the 2018 FIFA World Cup
  2. Visegrad Four 'nothing to hide' on rule of law issue
  3. GDPR does not (yet) give right to global oblivion
  4. Privacy Shield less relevant given GDPR, says data chief
  5. Unknown academic to lead Italy into EU clash
  6. 'Killer robot' projects eligible for EU defence fund
  7. Funding for European values needs radical changes
  8. Feeble EU format deflates Zuckerberg 'hearing'