Al­fred Sant presents re­port on new in­vest­ments across the EU

Malta Independent - - NEWS -

For­mer Prime Min­is­ter Al­fred Sant, rap­por­teur on be­half of the S&D, pre­sented a draft re­port fo­cus­ing on the is­sue of new in­vest­ments across the Euro­pean Union dur­ing a meet­ing of the Eco­nomic Mon­e­tary Com­mit­tee of the Euro­pean Par­lia­ment.

The re­port en­ti­tled “Euro­pean Se­mes­ter for eco­nomic pol­icy co­or­di­na­tion: im­ple­men­ta­tion of 2016 pri­or­i­ties” is ex­pected to be adopted in ECON on the 11th Oc­to­ber and later put for­ward for ap­proval at the Ple­nary of the Euro­pean Par­lia­ment.

The com­mit­tee was also at­tended by rep­re­sen­ta­tives of the na­tional par­lia­ments who are in­vited to de­bate the coun­try-spe­cific rec­om­men­da­tion from the EU level and trans­late them into their own ac­tions.

The Mal­tese Par­lia­ment was rep­re­sented by Charles Man­gion (PL) and Clau­dio Grech (PN) who also ad­dressed the is­sue of in­vest­ments in the EU.

Dr Sant in­tro­duced the dis­cus­sion by fo­cus­ing on the im­ple­men­ta­tion of rec­om­men­da­tions and dif­fi­cul­ties en­coun­tered by mem­ber states.

“Given the ex­ist­ing bound­ary con­di­tions for how pol­icy is de­fined in the EU and the eu­ro­zone, what rec­om­men­da­tions based on the Com­mis­sion’s Coun­try Spe­cific Re­ports’ can we best em­pha­size? What con­sen­sus, or at least some agree­ment, about the best way for­ward re­gard­ing in­vest­ment can be achieved over as wide a po­lit­i­cal spec­trum as pos­si­ble? – while keep­ing our re­port mean­ing­ful to all those mil­lions of EU cit­i­zens who would like to share in the prospects of a greater eco­nomic growth than we have be­come ac­cus­tomed to in re­cent years.”

Dr Sant spoke on the role of Na­tional Par­lia­ments to as­sume a more mean­ing­ful and as­sertive role in the con­sid­er­a­tion of na­tional re­ports, at Euro­pean and at na­tional lev­els and present them to vot­ers as if they were their own.

“Na­tional Par­lia­ments are there to de­fend the na­tional in­ter­est. The Euro­pean Com­mis­sion and the Euro­pean Par­lia­ment are there, so we say, to de­fend the Euro­pean in­ter­est. What may make sense at panEuro­pean level, even when ap­plied to na­tional economies, can seem like poi­son, on the ground, at na­tional level, whether ap­plied on a short term or on a long term ba­sis. Yet our con­stituen­cies are the same, at na­tional and at Euro­pean lev­els. All this should be con­sid­ered against the back­ground of how Coun­try Spe­cific Rec­om­men­da­tions are being im­ple­mented by gov­ern­ments.”

Dr Sant said that based on the Com­mis­sion’s assess­ment, the pro­por­tion of fully or sub­stan­tially im­ple­mented CSRs has more than halved over the 20122015 Se­mes­ter cy­cles. At the same time, the part of rec­om­men­da­tions with lim­ited/no progress has risen from nearly 30% in 2012 to more than 50% in 2015.

Dr Sant said that the EC re­duced its CSRs in 2016 – as in the pre­vi­ous year - to con­cen­trate bet­ter on each coun­try’s ur­gent and spe­cific chal­lenges, and to in­crease na­tional own­er­ship of the CSRs.

“Still there is a prob­lem of a weak and de­te­ri­o­rat­ing record in the im­ple­men­ta­tion of CSRs. As a re­sult, a fun­da­men­tal prob­lem of EU eco­nomic pol­icy co­or­di­na­tion is that it hardly func­tions at all. Do we need, be­yond that, a big fur­ther push to pro­mote new in­vest­ment? Should it just be pri­vate in­vest­ment? Or should more also be done to mo­bi­lize pub­lic funds?” asked the Mal­tese MEP.

The Mal­tese MEP said that eco­nomic and so­cial di­ver­gences have be­come a huge chal­lenge with po­ten­tially dan­ger­ous reper­cus­sion for the Euro­pean co­he­sion. “How would this play against the need to en­sure that the Sta­bil­ity and Growth Pact is never never breached? In all this, how can the growing eco­nomic and so­cial di­ver­gences be­tween dif­fer­ent parts of the Union be cor­rected and re­versed?” pointed the S&D Rap­por­teur.

Newspapers in English

Newspapers from Malta

© PressReader. All rights reserved.