In less than one month, my country Greece will undertake the important responsibility of the presidency of the Council of the European Union. The experience of Greece in facing the fiscal crisis is very important on the exercise of the Presidency. Greece, a "success story" of fiscal adjustment, within an extremely challenging environment with deep wounds of recession and social crisis as well as Eurozone's weaknesses and delays, is in the right place to promote policies that will bring cohesion, stability in the Eurozone, growth and employment in the EU.

Progress on the banking union, a priority of the Greek Presidency, is a crucial component towards achieving a sound, safe, stable and integrated financial system. The crisis has clearly illustrated the strong linkage between the banking sector and public finances as well as the associated systemic risks and impact of bank crisis for the whole Eurozone, given the increasing importance of cross-border activities in the single market. In this direction, the imminent finalisation of the bank recovery and resolution Directive and the Greek presidency's work on the single resolution mechanism will be key elements that will complement the single supervisory mechanism which will guarantee effective supervision of all Eurozone banks by the ECB. The large capital outflows from peripheral to core countries can only be effectively addressed through establishing a banking union which will involve a common resolution fund, and, towards a later stage, a common deposit guarantee scheme. Efficient financial regulation and supervision will be further enhanced by concluding the revision of the Markets in Financial Instruments Directive (MiFID), the corresponding Regulation (MiFIR) and the Regulation for Central Securities Depositories (CSDR).

At the same time, the Greek presidency will focus on the social dimension of European integration. We need to build effective policies to strengthen SMEs, job creation and regional cohesion. It is time for the monetary union to become an economic union as well. Success requires collective effort. Moreover, in order to achieve our growth objectives it is important to utilize alternative sources for funding the real economy, to finalize the UCITS Directive revision (UCITS V) and the new instrument European Long Term Investment Funds which will boost investor confidence by providing a safe, attractive and stable European framework for both professional and retail investors, focusing on infrastructure projects and SMEs. The latter, for which I have been designated Rapporteur, will provide an important alternative source of long-term funding of the European economy given the strained public finances and reduced bank lending.

At international level, Greece has set among its priorities in trade policy the facilitation of negotiations of free trade agreements with strategic partners, and notably the US. In this respect, it is crucial to work towards achieving a mutually beneficial agreement for consumers, producers and service providers on both sides of the Atlantic.  At the same time, it will focus on maritime policy and enhance its development perspectives by exploring the potential of the EU in the maritime sector.

The Greek Presidency's programme lies at the heart of the challenges faced by the Eurozone and the EU more broadly. Greece aims to send a clear message that we need to take brave steps towards integration, solidarity and efficiency. Success depends on the shared responsibility, at European and national level, to use this opportunity to strengthen our common policies and mechanisms, effectively reduce disparities, enhance stability and achieve cohesion, balanced growth and jobs in the EU. This will be the best message of the EU to its citizens ahead of the European elections.

 For the article as published online click here, available also online at the Parliament.com here

<< Προηγούμενο

Επόμενο >>