Two pack: Parliament gives formal backing to European Redemption Fund / 13-06-2012

During today's plenary session the European Parliament approved its first reading on two Regulations presented by the Commission last November to enhance the coordination and surveillance of budgetary surveillance for all euro-area Member States - also known as the 'two-pack".

"We have succeeded in formally putting on the negotiating table a systemic and structural answer to the crisis representing a real firewall to protect the eurozone.", said ALDE Group President Guy Verhofstadt welcoming the adoption of an amendment for the establishment of a European redemption fund (ERF), originally proposed by ALDE.

Ramon Tremosa i Balcells (CiU, Catalonia, Spain) ALDE spokesperson on the effectiveness of the excessive deficit procedure, said: "Now, Member States will be obliged to make cost-benefit analysis on all investments and reforms. The time of building needless airports and high-speed trains to nowhere is over in Europe".

Carl Haglund (Svenska Folkpartiet, Finland) ALDE spokesperson on enhanced surveillance for Member States in difficulties: "We finally complemented the new macroeconomic surveillance, adopted under the 6-pack, by providing the EU with the necessary tools to preventively intervene in a struggling Member State before it could become contagious affecting the entire eurozone's stability. Most importantly we have ensured the effectiveness of these tools by embracing a Community method which put the Commission, in liaison with the ECB, in charge to take the necessary decisions".

(Portal Europe)