The Economic and Monetary Committee has today given a green light to trialogue on the legislative economic governance package. The Committee gave its approval after a vote on six reports which established the negotiating mandate. The EPP, other parliamentary groups and the Members-States are aiming to finalise the discussions in June, to get an overall approval of the EU legislative package before summer.

The legislative package on economic governance is an important pillar for preventing future economic and financial crises. The EPP Group wishes to strengthen the Stability and Growth pact and to extend its scope in order to avoid the emergence of problems at a very early stage, thus hopefully preventing the need for sanctions.

Rapporteur on the preventive arm and EPP Group Vice-Chairman Corien Wortmann-Kool MEP welcomes the results of the vote which underlines that the EP wants to put high ambition into the package. Sound budgetary and macro-economic policies have to be better assured. She regrets that the left is not prepared to take responsibility for sustainable public finances.

Rapporteur on the implementation of the excessive deficit procedure Diogo Feio MEP continued: "We need a strong Economic Governance framework as a way to avoid future crisis. Europe needs Stability and Growth therefore we should apply smart, concrete and effective measures. As an example, I am very pleased to see the adoption of a rule establishing a rhythm of reduction of the debt in an average of 1/20 over a three year period."

The EPP Group wants to enhance EU´s competiveness through an ambitious legislative EU governance package with:

    * a strong Stability and Growth Pact, essential to achieve growth and jobs and to prevent that the debt burden is put on our children and future generations;

    * an effective surveillance mechanism to prevent and correct macro economic imbalances with potential spill over risks;

    * a stronger community method, a rule based approach with a strong role for the European Commission;

    * the EU 2020 Strategy should complement a strong Stability and Growth Pact and be part of the governance package. The national reform programmes should serve as an integrated approach to reach the common and ambitious targets for growth and jobs.

The EPP Group stresses the importance of national ownership of the economic governance package. The package will only function effectively if national parliaments actively support it.

For further information:

Corien Wortmann-Kool MEP, Tel: +32-2-2845570

Diogo Feio MEP, Tel: +32-2-2845166

Eduard Slootweg, EPP Group Press, Communications and Publications Service, Tel: +32-475-721280