EP president cites need for effective economic governance

08:29, June 18, 2010      

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The European Union needs more effective governance and cooperation from all 27 member states to avoid a future economic crisis, officials said Thursday.

"We have to complement the monetary union with an economic union, with coordination of our fiscal and financial policies and by doing this to build the foundations of a strong exit from the crisis," Jerzy Buzek, president of the European Parliament said after a one-day EU summit.

Buzek also said at the news conference that in the future there needs to be stronger links between the instruments of the Stability and Growth Pact, the EU's macro economic instruments and the Europe 2020 strategy.

The EU must recover from a lack of trust, Buzek said, and continue with its budgetary fiscal reforms.

"We have to do the right thing and not just the convenient thing," Buzek said.

The president said, however, that the parliament has to be more involved in the process of decision-making concerning economic governance.

Buzek lamented that the decision that allowed the European Commission to raise money in the financial markets for EU member states with public finance problems was made without consulting the parliament.

"In the future, we insisted that the European Parliament be consulted in the process," he said.



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