European Parliament Committee on Economic and Monetary Affairs
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| European Parliament Committee on Economic and Monetary Affairs | |
|---|---|
| Name | Committee on Economic and Monetary Affairs |
| Legislature | European Parliament |
| Jurisdiction | European Union |
| Formed | 1952 (precursors); formal committee since 1979 |
| Location | Brussels, Strasbourg |
| Chair | (see Membership and Leadership) |
| Website | (European Parliament site) |
European Parliament Committee on Economic and Monetary Affairs The Committee on Economic and Monetary Affairs is a standing committee of the European Parliament responsible for legislation and oversight in areas touching the European Central Bank, Eurogroup, European Commission financial services portfolio, and fiscal frameworks affecting Eurozone member states. It engages with major institutions such as the European Investment Bank, European Stability Mechanism, and national central banks including the Deutsche Bundesbank and Banque de France, and examines implications of treaties like the Treaty of Maastricht and the Treaty of Lisbon.
Mandate and Responsibilities
The committee's remit covers legislative files related to the European Central Bank, European System of Central Banks, the Single Supervisory Mechanism, and the Single Resolution Mechanism, and includes oversight of financial market regulation such as the MiFID framework, the Capital Requirements Directive and the Capital Requirements Regulation. It scrutinises Commission proposals under the Treaty on the Functioning of the European Union articles on the internal market and monetary policy, evaluates measures linked to the European Stability Mechanism mandates, and addresses directives affecting the European Securities and Markets Authority and the European Banking Authority. The committee also examines taxation-related proposals touching upon the Common Consolidated Corporate Tax Base initiative, the Anti-Tax Avoidance Directive, and cooperation with bodies such as the Organisation for Economic Co-operation and Development and the International Monetary Fund.
Membership and Leadership
Membership draws MEPs from political groups including the European People's Party, Progressive Alliance of Socialists and Democrats, Renew Europe, Identity and Democracy, Greens–European Free Alliance, European Conservatives and Reformists, and non-attached MEPs. Chairs and vice-chairs have included prominent parliamentarians who coordinate rapporteurships for files like the Bank Recovery and Resolution Directive and the Securities Financing Transactions Regulation. The committee liaises with national parliaments such as the Bundestag, Assemblée nationale, and Camera dei Deputati, and engages former central bankers and finance ministers from states including Italy, Spain, Netherlands, Poland, and Greece in hearings.
Legislative Activities and Policy Work
Legislative work spans plenary amendments and trilogue negotiations with the European Commission and the Council of the European Union on dossiers such as banking union measures, capital markets union proposals, and anti-money laundering rules related to the Financial Action Task Force. The committee has been active on files influenced by crises like the 2008 financial crisis and the European sovereign debt crisis, producing reports impacting instruments like the European Stability Mechanism and reforms of the International Swaps and Derivatives Association conventions. It drafts opinions on competition cases referencing the European Commission v. Microsoft precedent and coordinates with authorities such as the European Securities and Markets Authority on market abuse directives and prospectus regulation. Rapporteurs regularly negotiate with stakeholders including the European Banking Federation, Insurance Europe, Institute of International Finance, and academic centres like the London School of Economics and Université libre de Bruxelles.
Relations with EU Institutions and Stakeholders
The committee conducts hearings with institutions such as the European Central Bank, European Investment Bank, European Court of Auditors, and the European Ombudsman, and maintains formal contacts with the Eurogroup and national finance ministries including Ministry of Economy and Finance (Italy), Ministry of Finance (Germany), and Ministry of Finance (France). It invites representatives from international organisations like the International Monetary Fund, World Bank, Bank for International Settlements, and regional development banks, and consults industry groups including European Fund and Asset Management Association and civil society actors such as Transparency International and European Consumer Organisation (BEUC). The committee also exchanges with supranational bodies like the European Investment Fund and credit rating agencies formerly exemplified by Moody's and Standard & Poor's during sovereign rating discussions.
Key Reports, Directives and Decisions
Notable legislative outputs and opinions include positions on the Capital Requirements Directive IV, the Bank Recovery and Resolution Directive, the Markets in Financial Instruments Directive II (MiFID II), the Prospectus Regulation, the Anti-Money Laundering Directive series, and contributions to the architecture of the Banking Union including the Single Supervisory Mechanism and Single Resolution Mechanism. The committee influenced adoption of the Payment Services Directive (PSD2), measures on non-performing loans after the European sovereign debt crisis, and directives addressing shadow banking and securitisation such as the Securitisation Regulation. Its reports have shaped fiscal governance tools associated with the Stability and Growth Pact and the Commission’s reform proposals following the European Court of Justice rulings on state aid matters.
Historical Development and Notable Moments
Tracing roots to consultative assemblies preceding the Treaty of Rome, the committee evolved alongside European integration landmarks including the Treaty of Maastricht and the inception of the Euro currency. It played central roles during the 2008 financial crisis and the European sovereign debt crisis, engaging key figures such as former European Commissioner for Economic and Monetary Affairs and central bankers from the European Central Bank. Notable moments include intense trilogue negotiations on the Banking Union, landmark votes on MiFID II, and high-profile hearings during the implementation of the Single Resolution Mechanism and the response to pandemic-related economic measures proposed by the European Commission in 2020. The committee's work continues to intersect with decisions by the European Council and jurisprudence from the European Court of Justice.