Euro area economic governance: “Let’s make things better”, MEPs say

Today’s economic governance rules for the euro area are not working as well as they should. This is because they are too complex, lack ownership and are not consistently enforced, say Economic and Monetary Affairs Committee MEPs in a resolution voted on Tuesday. This draft text, which assesses the record of the economic governance architecture so far and recommends improvements, will become Parliament’s input to the 25 June European Council. The text – drafted by Pervenche Berès (S&D, FR) and approved by 33 votes to 24 with 1 abstention –will also contribute to the “Five Presidents” report” on future Euro area economic governance. MEPs back the European Commission’s three-pillar strategy, calling for investments, fiscal consolidation and structural reform, but encourage it to apply it more specifically when assessing national draft budgets and deciding on country-specific recommendations.