Democratic accountability is a key element of the debate on the future of Europe, said the Chairperson of the Committee on Budget and Finance, Ms Menda Stoyanova to the participants at the the Interparliamentary Conference on Stability, Economic Coordination and Governance in the European Union in Brussels.
"From the European Stability Mechanism to the European Monetary Fund: what should be the role of parliaments?" was the topic that parliamentarians discussed on the second day of the forum organized by the European Parliament and the National Assembly of Bulgaria. Moderators of the session were Bogusław Liberadzki, Vice President of the European Parliament and Menda Stoyanova, Chairperson of the Committee on Budget and Finance at the National Assembly.
Bulgaria, holding the rotating Presidency of the Council of the EU, will work for the successful implementation of the ambitious goal to have a more united, stronger and more democratic Union, Menda Stoyanova stressed. During its Presidency, the country will promote strengthening of the Economic and Monetary Union, she said, and specified that, in order to achieve transparency, non-discrimination and respect for the principles of the single market, this should not be at the expense of non-euro area member states.
The European Stability Mechanism has proved decisive in contributing to preserving the EU's financial stability during the crisis, the Chairperson of the Committee on Budget and Finance of the National Assembly underlined. The new legislative proposals provide for it to be transformed into a single legal entity under EU law, Menda Stoyanova said. It is up to us whether there will be possibility for oversight of the EU's economic and financial management on part of the European Parliament and national parliaments, she added.
Roberto Gualtieri, Chair of the Committee on Economic and Monetary Affairs of the European Parliament said that support for the proposed approach did not give any special responsibility to parliaments or governments, which they have not had so far. In his view, an extended stability mechanism will lead to development and strengthening of the Economic and Monetary Union. The important thing is to clarify the legal basis and to be aware that this is a balanced compromise, added Roberto Gualletieri.
The Vice President of the European Parliament, Mr Bogusław Liberadzki noted during the discussion that good results could be achieved in the near future in the transition from a European Stability Mechanism to a European Monetary Fund. Our goal is to strengthen the resilience of the Economic and Monetary Union, he stressed. For a better and prosperous Europe, we need to achieve mutual understanding, trust, transparency and efficiency, added Bogusław Liberadzki.
During the final plenary session, parliamentarians from the EU member states will discuss the next Multiannual Financial Framework. Participants in the discussion will be Jean Arthuis, Chair of the Budget Committee of the European Parliament, Menda Stoyanova, Chair of the Committee on Budget and Finance of the National Assembly, Günther Oettinger, European Commissioner for Budget and Human Resources and others.