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Brian Hayes MEP tells European Parliament that an EU Finance Minister should be discarded

Speaking in the European Parliament today (Tuesday), Brian Hayes MEP said “Europe needs to concentrate on strengthening the recovery. The Dublin MEP was speaking in a debate ahead of a European Council meeting later this month where EU leaders will decide on the future of the EMU package.

“Despite all of the pain of the financial and sovereign debt crisis – Europe has come back strong. We are living through a jobs rich recovery. That success is based on prudent budgeting, new investment, structural reforms and a commitment to stick to the rules of the Fiscal Compact.”

“Firstly, it is useless dreaming up new ideas if we are not delivering on what we said we would do already. Let us deliver on our existing commitments.

“Secondly, if you are a big, small or medium sized country – the rules apply in equal measure to all.

“Thirdly, whatever change is proposed, it must be on an inclusive format. That means no Euro area Parliament. Moreover, no railroading of smaller Member States.

“So where do we go next? I see five areas.

“I think we need to complete Banking Union and deliver on a European Deposit Insurance Scheme. That means risk sharing and risk reduction must go hand in hand. It means resolving the NPL problem.

“Secondly, Europe must be open for business – which means more trade agreements, delivering on the potential of the single market economy and freeing the EU economy of protectionism.

“We also need a functioning Capital Markets Union for new finance and investment alongside the Juncker Plan.

“Turning the ESM into a fully-fledged European Monetary Fund makes sense and it needs to be accountable to this Parliament.

“We also need to be prepared to reform and turn Europe’s Budget, the MMF-  into an instrument of innovation and growth. Could we do the impossible? Agree a better budget by the time of the next European Parliament elections. We need too.

“Finally I  hope that once and for all the idea of having an EU Finance Minister is dropped. It is a crazy proposal. It sends out the wrong message to National Parliaments and to citizens. It does not have public support. It is a weapon of euro scepticism. It is time it was finally discarded from the technocratic dreamworld where it came from” concluded MEP Hayes.

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