It would improve investment returns and cut costs by generating economies of scale, shifting policy making and spending in cross-border areas such as energy and transport from national to EU level, according to MEPs. In addition, EMU and the single market need a stronger co-ordination of national tax policies.

The adopted non-legislative final report on the financial, economic and social crisis highlights that tackling the public debt crisis and increasing the EU's competitiveness, convergence and solidarity require a shift of competences and spending towards the Union. Besides, Parliament's special committee on the next long-term budget, the Policy Challenges Committee, voted for an increase in the EU budget after 2013 of at least 5% over the 2013 level (i.e. 1.11% of GDP), for the next long-term budget.

The report also proposes introducing Eurobonds and a financial transaction tax. EMU and the single market need a stronger co-ordination of national tax policies. MEPs called on the Commission to carry out an investigation into a future system of Eurobonds. They also ask it to develop the concept of a European Treasury, and pointed out that revenues from a financial transaction tax could be used in part for financing the Millennium Development Goals and to meet climate change commitments.

The final vote for this report is scheduled for a plenary vote in July.