The remit of the Parliamentary Committee set up to examine the financial crisis was debated at its first meeting on Wednesday (4 November). Rapporteur Pervenche Berès vowed that she would ensure that it focuses on the “financial, economic and social crisis all together” rather than each individually. The 45-strong committee, led by German Liberal Wolf Klinz, is expected to hold hearings and investigations with the aim of drawing up a report soon.
At the opening session Ms Berès, a French Socialist, wondered aloud whether their mandate was to find an exit strategy out of the crisis or an entry strategy for a new approach.
For the Greens Pascal Canfin said that he felt the European economy was still tottering on the brink saying “we are once again in a period of speculation”.
“Unconfined and pragmatic thinking”
For the centre-right EPP group Othmar Karas called for an open mind saying that what was needed was “unconfined and pragmatic thinking”.
Italian Socialist Sergio Cofferati wanted the Committee's remit to be more defined however: “We need to focus on specific aspects of the crisis, to redefine the European competitive model, but also to establish red lines beyond which one cannot cross” he said.
“Ensure accountability”
There was also a call “to ensure accountability for those who don't meet standards” according to Irish Member Gay Mitchell. He also said that “the spirit of enterprise” was essential as it was “the other side of the coin of social justice”.
Set up in October this year, the Committee was asked “to analyse and evaluate the extent of the financial, economic and social crisis, its impact on the Union and its Member States, and the state of world governance and to propose appropriate measures for the long-term reconstruction”.