Intervention on Commission Work Programme 2018 – Tuesday 24th October 2017, afternoon session
I welcome the Commission Working Program on the EMU and also the key choice that has been made for the Community method. This has a number of implications, and I would like to focus on them, in particular on two implications.
First, the ESM integration into the EU law is really essential. It is essential because with Article 352 of the Treaty we will have full EP involvement via the consent procedure; it is essential because it will ensure EP scrutiny to the new body; it is essential because this is the only way to obtain the meaningful budget line that is in your programme; and it is also essential if we want to fully safeguard COM competences on economic policy coordination and budgetary surveillance, including by avoiding to building up a parallel capacity to do Article 4 reports by the ESM.
Second, on the Fiscal Compact incorporation: incorporation requires reform which means also that full co-decision procedure and double legal basis are necessary.