What we propose…

What they do..

Banking Union

1

Set up of an EU wide deposit guarantee scheme and resolution fund and provide for the direct recapitalisation of the European banks through the establishment of a European fund which could be in the meantime provided by the EFSF and/or ESM

The use of the existing EFSF/ESM instruments that will be implemented according to existing guidelines which detail the relevant procedures.

(Euro Area) to ensure the financial stability of the euro area, in particular by using the existing EFSF/ESM instruments in a flexible and efficient manner in order to stabilise markets for Member States respecting their Country Specific Recommendations and their other commitments.

work in progress but proposals

made on a national basis

2

Stabilize and clean up the whole banking sector, through establishing an adequate single supervisor in the Eurozone for banks carrying a systemic risk – including medium and large cross-border institutions – and achieve the internal market in the banking sector.

To restore normal lending to the economy and urgently completing the restructuring of the banking sector;

(Euro Area) The Commission will present Proposals on the basis of Article 127 for a single supervisory mechanism shortly.

work in progress

• imposing stronger conditionalities to the institutions that benefited from crisis-related State aid and the support of ECB liquidity lines;

Appropriate conditionality, including compliance with state aid rules, which should be institution-specific, sector-specific or economy-wide and would be formalised in a Memorandum of Understanding.

work in progress

• stimulate loans to SMEs by making prudential and capital requirements more favourable (notably through ring-fencing mechanism and adequate risk weighting);

Member States have the possibility under existing rules and practices to work with the Commission in using part of their Structural Funds allocation to share the EIB loan risk and provide loan guarantees for knowledge and skills, resource efficiency, strategic infrastructure and access to finance for SMEs.

insufficient

• ensuring bank balance sheets are down-sized by divesting the most risky activities first, thus ensuring that lending to the real economy is not negatively impacted;

0%

• ending the executives’ self-serving behaviour as regards pensions, bonuses and salaries; preventing any breach of law by rescued banks, for example tax evasion

0%

Economic and Fiscal Union

3

Set-up a “new strategy for economic and social convergence and sustainable growth” with binding targets and sanctions for the Member States of the eurozone;

- To ensure the timely implementation of the provisions of this Compact requiring EU legislation

work in progress

but insufficient proposals

4

Increase as key element of this “Growth compact” the EIB capital as well as increase the funding of its loan portfolio through bond issuance open to retail investors. ten years;

work in progress

launch on a large scale of “project bonds” to support large-scale investment in sectors such as energy, transport and telecommunications of at least 1% of GDP over

work in progress

but insufficient proposals

5

Decide on a roadmap to a Eurobond market to enable the mutualisation of debt for the Eurozone Member States;

Nothing more

6

Launch a European collective redemption fund for debt over the 60% of GDP mark for a period of 20-25 years together with eurobills and the coordination of remaining debt issuance or similar proposals.

0%

7

Make the multiannual financial framework (MFF) a real tool to assist paralysed member states. The EU budget must be financed by own resources

The Negotiating Box will be further developed with a view to reaching an agreement by the end of 2012

Nothing more

8

Close loopholes in national tax systems, introduce a mandatory common consolidated corporate tax base (CCCTB), coupled with minimum range of corporate tax rates

Nothing more

Political Union

9

A Eurozone government organized within the European Commission. The Commission represents the euro area in the International Financial Institutions and chair the Eurogroup and the Ecofin Council

0%

10

Introduce pan-European lists to elect a portion of the MEPs on this basis

0%

A European public space should be further develop…

The EURES portal should be developed

Development of the « Your first EURES job » action.

Some insufficient proposals

11

Ageement between all major EU parties. The candidates to the Presidency of the Commission will only be accepted by the new Parliament if they have preferably been elected to the European Parliament and above all have campaigned throughout all 27 Member States

On Greece

12

extend the deadline for Greece to achieve the fiscal targets

Nothing more

redefine better targets, with more in depth and structural reforms instead of the moderation of minimum wages in the private sector and the raise of the tax burden on small and medium companies;

Nothing more

shift financial resources to the Greek real economy by diversifying for a certain period the exclusive conditions for debt repayment, so that the needs for an efficient public administration and decent welfare state gain at least an equal priority;

Nothing more

get detailed data from the Swiss and other banks for Greek deposits, in order to control gray properties and illegal deposits;

Nothing more

establish an independent European Audit Commission to provide detailed information on how public debt was accumulated over time and to determine the amount of any “odious debt”.

Nothing more