In addition to the rules on enhanced economic governance, better known as the 'six- pack', in force since last December, the European Parliament's Economic and Monetary Affairs committee voted today on two further Regulations presented by the Commission last November to enhance the coordination and surveillance of budgetary processes for all euro-area Member States, also known as the 'two-pack".

"We have succeeded in putting on the negotiating table with the Council a key tool that will contribute to a structural solution to the current crisis", said ALDE Group President Guy Verhofstadt welcoming the adoption of an ALDE amendment for the establishment of a European redemption fund (ERF) "Member States must take this proposal seriously when they now meet to draw up a Growth Strategy for Europe. By mutualising part of the Member States' debt we will stop throwing money on high interest rates on sovereign debt, money that can be pumped instead into growth investments and projects".  

Apart from the proposal for a ERF, ALDE has underlined the importance of ensuring coherence and consistency with that already obtained in the six-pack, by maintaining a strong role of the European Commission vis-à-vis Member States when complying with deficit or debt targets and by guaranteeing that the decision making remains waterproof against horse trading in Council.

Ramon Tremosa i Balcells (CiU, Catalonia, Spain) ALDE spokesperson on the effectiveness of the excessive deficit procedure, said: "A balanced and sustainable budget is a matter of a Member State's responsibility toward its citizens and the engagements it contracted with the other EU Member States. That's why we expressly asked for Member States to translate this responsibility into binding rules, preferably at constitutional level. Parallel to it we have guaranteed a tight monitoring of national budgets compliance with deficit or debt target by the Commission".   

Carl Haglund (Svenska Folkpartiet, Finland) ALDE spokesperson on enhanced surveillance for Member States in difficulties: "We have ensured that in the future no Member State can put at stake the whole financial stability of the EU system by empowering the Commission with the right, on the basis of its analysis in liaison with the ECB, to propose to the Council to recommend a Member State to seek financial assistance".