The next round of economic governance legislation must be geared more towards growth and new European Commission powers to vet Eurozone countries' budgets should be better democratically controlled, MEPs said on Wednesday when adopting Parliament's position on the so-called "two pack". The biggest changes to the Commission proposal are a new chapter on coordinating debt issuance, including the partial pooling of Eurozone debt, and legal protection for countries about to default.
The votes come after the Economic and Monetary Affairs Committee approved the two texts, but with majorities deemed too slim to provide a clear mandate for negotiating with Member States. Now, with a plenary mandate, Parliament's negotiators will enter into talks with them in order to reach a deal on the legislation.
Jean-Paul Gauzès (EPP, FR), rapporteur for the rules dealing with countries in significant financial trouble, said, "with such rules in place two years ago we would have avoided the problems currently experienced by some countries since early and clear actions would have been taken".
Read more: EU Economy: Economic governance with a wider vision | eGov monitor | The Information Daily
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