Welcoming the outcome of the vote (33 in favour, 2 against and 3 abstentions), Mr Klinz commented that "with other institutions, namely the Van Rompuy task force, the European Commission or the Ecofin Council, coming up with their own proposals, it is important to let them know that the Parliament can speak with one voice". For rapporteur Pervenche Berès (S&D, FR), the special committee's comprehensive package of recommendations represents "a very good basis to fight the battle against the other institutions. In Europe it is possible to hope to fight national selfishness".
Addressing weaknesses
The key causes of the crisis were "global imbalances, regulatory governance and monetary policy, together with the complexity and opacity of financial products, short-term featured remuneration systems and inadequate business models", say MEPs in their the report. If these weaknesses are not addressed, "then a relapse cannot be ruled out", they add.
In this context, MEPs also welcome the creation of a European stabilisation mechanism and the "unconventional" rescue measures taken by the European Central Bank. However, they also argue that the time has come gradually to phase these measures out. The committee further suggests that the various national recovery plans could have been better co-ordinated and calls for increased economic co-ordination across the EU.
Redesigning economic governance
Recovery from the economic crisis will require strong economic governance, surveillance and policy co-ordination mechanisms, and the European Commission must have more responsibility for co-ordinating reform plans, say MEPs. At the same time, democratic legitimacy must be strengthened, through closer involvement of the European Parliament and national parliaments. The aim is to ensure that "no financial transaction and no financial instrument are left off the record book", says the committee.
On monetary union, MEPs deplore poor enforcement of the Stability and Growth Pact and call for more effective incentives and sanctions to ensure compliance.
Giving teeth to the EU2020 strategy
The EU 2020 strategy should serve as a concrete programme for enhancing growth and employment in the EU and must be based on wider use of binding measures instead of the open method of co-ordination, say MEPs. Furthermore, it must make the single market, as a key driver of growth, less bureaucratic and more efficient, they add.
MEPs also urge Member States to co-ordinate their budgetary policies more closely and "open their books" to each other.
High-quality employment must be a key priority of the EU 2020 strategy, say MEPs, who call for a "new agenda" to promote decent work and small and medium-sized enterprises (SMEs), as key generators of employment and drivers of innovation in Europe.
Finally, MEPs argue that in addition to providing funding for SMEs, the EU needs to take a "proactive and co-ordinated approach" to funding research and innovation, with special attention to projects in the field of energy efficiency and energy generation from renewable resources. The transition to an energy-efficient economy, as a way to enhance the EU's energy security, should be a priority, they conclude.
Next steps
The mid-term report will be put to a vote by Parliament as a whole at the October II plenary session. Once approved, it will serve as a basis for a further work by the Special Committee, whose mandate has been extended until 31 July 2011 to allow MEPs enough time to prepare a final set of recommendations.
