MEPs approved a report from Parliament's Special Committee on the Financial, Economic and Social Crisis in which it proposes a European "New Deal" in order to foster innovation, job creation and R&D investment, so as to give an urgently-needed boost to European competitiveness and ensure sustainable, green growth.

The responsible for the report, Pervenche Bères underlined in the debate preceding the vote that some measures should be applied to give new impetus to the European Union. Among such measures, fighting youth unemployment, social cohesion, the sovereign debt crisis and slowing growth.

In particular, MEPs urge stronger co-operation in cross-border policy areas such as energy, transport and foreign policy. According to the report, the EU must either deepen its integration or risk drifting apart and falling into an era of populism and nationalism. Therefore, the idea of a “New Deal” becomes stronger according to Bères. However, a shift in policy making towards the European level would, in the long term, need to be accompanied by an increase in the EU budget to a sufficient size. This idea was approved in June under a proposal from Policy Challenges Committee of increase for the 2014-2020 budget. It would come about through increased EU "own resources" and savings for national governments as a result of shifting activities to European level.

With regard to tax policies, the report asks for a closer co-ordination of national tax policies, a common corporate tax base, a European Treasury and changing the European Stability Mechanism into a European Debt Agency. Moreover, MEPs asks the Commission to look into a system of Eurobonds to reduce sovereign debt and stimulate fiscal discipline. In addition, it is suggested a reform of the International Monetary Fund in order to enhance its transparence and accountability and render it more democratic, while strengthening its role in the economic and financial surveillance of its members. Another suggestion from the resolution is that the revenue from a financial transaction tax could help fund the Millennium Development Goals and meet climate change commitments.