No 48/2014
10 July 2014
Investment, growth and jobs should top the agenda for the EU's
next term, says EESC
At its 500th plenary session, the European Economic and Social Committee (EESC) adopted an
opinion urging Europe's new leaders to take action to complete European Economic and Monetary
Union (EMU). Shaken by the economic and financial crisis, Europe needs to emerge stronger by
stepping up its fight against stagnation and unemployment.
The opinion puts forward specific proposals and solutions to achieve a more robust EMU
governance structure, leading to more growth and jobs in the short run, to a full economic union as
a second step and ultimately to a political union as a necessary point on the horizon. This is a
timely call in the light of the reshuffle currently underway in the EU institutions. "The Economic and
Monetary Union, which is far from being accomplished, is indispensable to re-create confidence in
the European project and makes it sustainable", warns Joost van Iersel (Employers' Group, NL),
one of the two opinion rapporteurs.
Stronger to face the future
Much still needs to be done to improve the functioning of EMU and bring back prosperity to
Europeans. Firstly, the EU needs to launch a genuine European pact for growth, employment and
stability, built on a better implementation of current legislation and driven by public and private
investment, for example through bonds issued by the European Investment Bank and the European
Investment Fund.
Secondly, as the crisis brought to light deficiencies in the EMU architecture itself, more robust
structures should be put in place to ensure sustainable and balanced economic performance and
prevent future crises. To achieve this, the EESC underlines the need for full commitment from the
Member States to overcoming current distrust and mitigating deeply rooted feelings of national
sovereignty, which is better guaranteed in a common economic and political framework. The EESC
therefore proposes a strategy to complete the EMU based on four pillars:

a monetary and financial pillar, including the implementation of a fully-fledged EU-driven
Banking Union and the completion of the European Central Bank mandate;

an economic pillar, reflecting the increasing interdependence of Member States and
fostering competitiveness, convergence and European solidarity;

a social pillar to take proper account, among other things, of the social effects of economic
adjustments; and

a political pillar to restore credibility and confidence by enhancing the democratic
legitimacy of euro-area institutions.
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“But the most urgent question that we wanted to draw to the attention of the Council and the
Commission is the need for a European plan for investment in growth and jobs, without adding to
national debt,” says rapporteur Carmelo Cedrone, an economics professor and trade unionist
(Workers' Group, IT). “That is what is needed – not words or long texts without concrete proposals,
which is what we have had up until now.”
Before the vote on the opinion, EESC members held a lively and insightful debate with Peter
Bofinger, a member of the German Council of Economic Experts, and Edmond Alphandéry,
chairman of the Board of Directors of the Centre for European Policy Studies (CEPS) and former
French Minister for Economic Affairs. The guest speakers concluded, in full agreement with the
opinion, that euro-area institutions should be further strengthened, capital, service and labour
markets more integrated and a common economic policy ensured in order to meet the expectations
of European citizens in terms of prosperity and quality of life. Committee members expressed the
need to enhance democratic legitimacy by engaging all stakeholders in society and thus build a
stronger EMU for the benefit of all Europeans. The opinion was adopted with a large consensus
among the EESC's three constituent groups by 195 votes to 8, with 9 abstentions. It is thus set
to become an important contribution of organised civil society to the debate on a roadmap for the
next term of office of the European Commission and the European Parliament.
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For more information, please contact:
EESC Press Unit
E-mail: press@eesc.europa.eu
Tel.: +32 2 546 94 06 / Mob. +32 475 75 32 02
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The European Economic and Social Committee represents the various economic and social components of organised civil
society. It is an institutional consultative body established by the 1957 Treaty of Rome. Its consultative role enables its
members, and hence the organisations they represent, to participate in the EU decision-making process. The Committee has
353 members from across Europe, who are appointed by the Council of the European Union.
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Rue Belliard/Belliardstraat 99 – 1040 Bruxelles/Brussel – BELGIQUE/BELGIË
Tel. +32 25469779 – Fax +32 25469764
E-mail: press@eesc.europa.eu – Internet: www.eesc.europa.eu
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