#EconomicGrowth: Wat die Parlement doen om die ekonomie te bevorder

Reinforcing the banking system

The 2008 financial crisis exposed the weaknesses of banks and public finances in Europe. Many governments had run budget deficits even in the booming years before, but things went from bad to worse when tax revenue started to shrink and banks turned out to need public funding to stay afloat.

To ensure better oversight of banks, reduce the costs for the taxpayers and the economy,  MEPs adopted legislation that made the European Central Bank directly responsible for the toesig of more than 100 of the largest banks in the euro zone. Another important concern was that small depositors holding up to €100,000 should have their deposits guaranteed and taxpayers should be the last in line to foot the bill for bank failures. With this in mind, the EU established a common authority, known as Enkele direksiebesluit, to deal efficiently with potential bank failures.

Parliament also strengthened capital requirements for banks to make them set aside sufficient capital in order to limit the impact of future shocks similar to those in the past. Further amendments to the rules are now being considered.

Improving co-ordination

The European Union also took measures to ensure a better coordination of economic and fiscal policies across the EU, as lack of alignment meant that some countries were facing financial instability and had to borrow money at higher interest rates. This led to the launch of the Europese Semester, an annual cycle that sees the European Commission come up with policy recommendations for each EU country that are then adopted by the governments in the Council and implemented at the national level. Parliament was actively involved in preparing the required legislative packages, known as six-pack and two-pack.

advertensie

Fighting tax evasion

Tax evasion has also been identified as a key concern by the Parliament, as it means EU countries have less money to invest in public services. Parliament has established several committees investigating the matter and coming up with proposals to close loopholes helping companies and individuals avoid paying their fair share.

Attracting investment

Bank troubles and large budget deficits meant that for some time there was little funding available, either publicly or privately, to kick-start economic growth. For this reason, the EU launched in 2015 an ambitious three-year investment plan that sought to use EU guarantees in order to mobilize €315 billion worth of public and private investment and channel them towards projects that otherwise might not have happened.

The plan has so far worked relatively well and MEPs are due to vote in June on extending the Europese Fonds vir Strategic Investments (EFSI) with the aim of increasing investment in the European economy to €500bn by the end of 2020. Innovative small and medium-sized should be among the key beneficiaries of the extended plan.

Further reforms

MEPs have been pushing for deep reforms in the economic and monetary area. In a report adopted in February, they argued for a specific budget for the eurozone. This should help countries deal with economic shocks and help them to adapt their economies to new challenges. The report also called for strengthening the role of the European Parliament and national parliaments in the European Semester and increase the accountability in economic decision-making.

Jobs and growth remain at the heart of Parliament’s agenda. One of the main priorities for Parliament is the establishment of a single digital market by removing barriers to e-trade, doing away with roaming and geo-blocking and harmonising copyright rules across the EU. This should provide a strong impetus for Europe’s digital economy.

At the same time, Parliament is working to reinforce social and labour rights in the EU. A recent verslag, written by Portuguese S&D member Maria João Rodrigues, proposed concrete initiatives on ensuring decent working conditions in all forms of employment and striking a proper work-life balance.

Debat oor die toekoms van die Europese integrasie

Die Kommissie is om te publiseer vyf weerspieëling vraestelle tot aan die einde van Junie as 'n beginpunt vir 'n debat oor die toekoms van die Europese integrasie. Elke vraestel word gewy aan 'n spesifieke tema: Europa se sosiale dimensie, globalisering, die ekonomiese en monetêre unie, verdediging en finansies. Die vraestelle bevat idees en scenario's vir wat Europa kan wees soos in 2025, maar geen spesifieke voorstelle. Die inisiatief afwerkings in die middel van September wanneer Kommissie president Jean-Claude Juncker lewer sy jaarlikse State of the Union adres.