The EESC is firmly convinced that at this juncture the EMU is still not resilient and stable enough to face future crises effectively. Advocating the completion of EMU, it urges decision-makers to reach broader and swifter political agreement on how to achieve a deep and genuine EMU, which is the final objective.
"Further steps on EMU must be based on a firm common position of all Member States, but a common strategic vision is clearly missing in the current political debate", said Mihai Ivaşcu, rapporteur for the latest EESC opinion on the European Commission's EMU package.
Stefano Palmieri, ECO section president and co-rapporteur, said: "The completion of the EMU requires strong political commitment, efficient governance and better use of available finances. New financial instruments for crisis prevention and countering pro-cyclical measures need to be developed."
The EESC makes clear in its opinion that, among other things, the new European Monetary Fund should not function as a golden parachute. Rather, its role should be to prevent bank crises, support economic development and absorb shocks.
In addition, the EESC suggests including the proposed new budgetary instruments in the EU budget, namely a macroeconomic stabilisation function for the euro area and a dedicated convergence facility to help Member States that are on track to join the euro area.
The Committee issued a separate opinion on Support to structural reforms in the Member States in response to the Commission's proposals.
In its opinion, the EESC proposes, among other things, that a clear strategy for the Structural Reform Support Programme be developed and that its financial envelope be increased without penalising the budgets for other equally important funds.
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