The democratic accountability is a key element of the debate on the future of Europe, said Chair of the Budget and Finance Committee of the National Assembly Menda Stoyanova before the delegates of the Inter-Parliamentary Conference for Stability, Economic Coordination and Governance in the EU.

“From the European Stability Mechanism to a European Monetary Fund: What should be the role of Parliaments?” was the topic discussed by parliamentarians on the second day of the event, organised by the European Parliament and the National Assembly. The discussion was moderated by EP Vice President Boguslaw Moderadzki and Chair of the Budget and Finance Committee of the National Assembly Menda Stoyanova. As a rotating President of the Council of the EU Bulgaria will work to achieve the ambitious goal of a more united, stronger and more democratic union, emphasised Menda Stoyanova. During its presidency our country will encourage the deepening of the economic and monetary union, she said and explained that achieving transparency, non-discrimination and respecting the principles of the single market should not be at the expense of member states outside the Eurozone.

The European Stability Mechanism has proved its key significance, which contributed to maintaining the financial stability of the EU throughout the crisis, emphasised the Chair of the Budget and Finance Committee of the National Assembly. The new legislative proposals envisage that it will be transformed into a single legal entity, in accordance with the law of the Union, said Menda Stoyanova. We will decide whether there will be a possibility for supervision of the economic and financial governance of the EU by the European Parliament and the national parliaments, she said.

EP Economic and Monetary Affairs Committee Roberto Gualtieri said that the support for the approach in the proposal would not assign a special responsibility to the parliaments or governments beyond their scope work. According to him, an expanded mechanism for stability will build up and deepen the Economic and Monetary Union. It is important to clarify the legal basis and be aware that this is a balanced compromise, added Roberto Gualtieri.

EP Vice President Boguslaw Liberadzki said that in the near future progress could be made in the transition from the European Stability Mechanism to the European Monetary Fund. Our goal is to strengthen the sustainability of the monetary union, he emphasised. We need to achieve mutual understanding, trust, transparency and effectiveness for a better and prospering Europe, added Boguslaw Liberadzki.

At the closing plenary session, parliamentarians from EU member states will discuss the next multiannual financial framework. It is expected that EP Budget Committee Chair Jean Arthuis, Chair of the Budget and Finance Committee of the National Assembly Menda Stoyanova, European Commissioner for Budget and Human Resources Günther Oettinger, and others will join the discussion.