Chapter News

Fiscal capacity for the euro zone

Members of Parliament’s Budgets and Economic and Monetary Affairs committees are set to debate the need for a euro area budget with finance ministers Jeroen Dijsselbloem (Netherlands, also Euro Group President), Michel Sapin (France), Pier Carlo Padoan (Italy), Pierre Gramegna (Luxembourg), Peter Kažimír (Slovakia), Edward Scicluna (Malta) and Euclid Tsakalotos (Greece) on Monday evening from 19:00 to 21:30.

Parliament is working on a report putting forward proposals to build “a fiscal capacity for the euro zone”, drafted by Reimer Böge (EPP, DE) for the Budgets Committee and Pervenche Berès (S&D, FR) for Economic and Monetary Affairs Committee.

The report will be Parliament’s contribution to the White paper on the completion of the Economic and Monetary Union, which the Commission is expected to present in 2017. In the post-Brexit context, it is likely to call for ambitious proposals to make the euro area more resilient to shocks, foster growth and restore trust.

The results of the debate will feed into the compromises currently being prepared with a view to approving the report in the committees 26 September and by Parliament as a whole at the October II plenary session.

You can watch the debate live via EP Live and EbS+.

The draft report and the amendments that were tabled can be found here.

Compliments of the European Parliament