The European Commission’s proposals on the Economic and Monetary Union (EMU) are in line with the proposals tabled by the European People’s Party (EPP) in the European Parliament.

“Since the beginning, Jean-Claude Juncker, President of the European Commission, has promised to have a political Commission. As he always keeps his word, I am delighted to see that today’s EMU proposals follow the EPP priorities we put forward already one year ago,” said EPP President Joseph Daul.

“We went through challenging times during the economic and financial crisis, but thanks to the EPP leadership in the EU institutions, we have succeeded to put in place the right rules to bring the recovery back to the European citizens. But more remains to be done.”

According to Daul, economic reforms must continue across Europe so that taxpayers’ money is never again used to save banks or bailout irresponsible financial institutions.

“These initiatives will not only make the Eurozone economies strong but they will also extend stability and resilience to the countries outside the Eurozone,” he said.

The EPP also backs the incorporation of a Fiscal Compact Treaty into the EU law. Daul said this will ensure that the rules on spending and deficits will protect Europeans from future crises.

“We insist that these mutually agreed rules cannot be watered down by the Socialists during the process, as they defend citizens and economic stability of their countries from disastrous budgets of socialist governments.”