01 March 2018 | Press release: EPP Group backs a crisis-proof Euro on principles of Stability and Growth Pact
At its meeting today, the Members of the EPP Group adopted the Group 's Position Paper on the future of the Economic and Monetary Union.
"The positive economic developments in the Euro area show that the EPP political family was right in its response to the debt crisis of the Euro area. Now that our economies are recovering, we have to draw lessons from the past and refine the governance structure of the Euro area”, said Manfred Weber MEP, Chairman of the EPP Group. “Our goal is to make sure the Euro is stable, stimulating and successful in the long-run. In any case, the principles of the Stability and Growth Pact should remain the driving principle. The EPP Group continues to focus on stability, reforms and investment to make the Eurozone prosper. The Euro must be made crisis-proof in the long-run. A debt union would be unacceptable to us”, said Manfred Weber.
"This paper shows that the EPP Group is deeply committed to furthering our Economic and Monetary Union in the best interests of growth and job-creation. Strong ambition is needed to address the loopholes in the Eurozone structure and make sure its foundations are strong enough to withstand any new crisis that comes our way. Never again should we experience a Greek drama", said Françoise Grossetête MEP, EPP Group Vice-Chairwoman in charge of Economy and Environment, who drafted the document.
In the Position Paper, the Members of the EPP Group focused on five main messages:
1 - We want to invest in people’s future
We want to attract smart investments that stimulate competitiveness and create jobs. To do so, we need a budgetary capacity within the EU budget, but above the current ceiling.
2 - Responsibility and solidarity go hand in hand
The EU must be able to help any Member State in a financial crisis. But each Member State has the obligation to manage its finances responsibly.
We stick to the criteria of the Stability and Growth Pact. Member States in need of financial assistance under the budget capacity should only receive it if they comply with its criteria.
We need insolvency rules to establish the individual responsibility of Member States for the debt they accumulate.
3 - Europe must have its own Monetary Fund
We want a fully-fledged European Monetary Fund to act as a life insurance for the Eurozone.
This EMF will provide for crisis prevention, will accompany debt-restructuring processes and provide conditional financial support for necessary structural reforms.
4 - Increase the democratic legitimacy of the Euro area
We want the Euro to have a political face, a Vice-President of the European Commission responsible for the Economic and Monetary Union who is democratically accountable and responsible for upholding the rules of the Euro area.
We want to strengthen the role of the European Parliament and the Parliaments in the Member States.
5 - We want our savings to be in safe hands
We want to keep the banking sector in order. This is why we need to complete the Banking Union to make it more robust and to strengthen its regulation and supervision.
We are very much attached to the independence of the ECB. However, now that economies are recovering, we want the exceptional measures of the ECB to be gradually and carefully phased out.