The European Parliament approved a resolution on the newly-agreed governance treaty which insists that the treaty was unnecessary and economic recovery requires specific measures to promote solidarity, employment and growth. The resolution welcomes that the risk of a two speed EU was lessened and that there will be more parliamentary oversight than initially envisioned.

The resolution approved by the Parliament on the new treaty agreed by the European Council on the 30 of January concludes that the new treaty was unnecessary and instead, the economic governance "six pack" must be made consistent with the economic governance. However, the resolution also says that the final treaty text agreed by heads of state is a significant improvement on earlier versions and that it takes account MEPs' insistence on the need to focus more on growth as well as fiscal restraint and to work within the normal EU system wherever possible.

On the other hand, MEPs stressed that economic recovery requires specific measures to promote solidarity, employment and growth. A first measure would be rapidly to establish a redemption fund based on the proposal by the economic advisers to the German government. Others would be to introduce project bonds, and prepare rapidly to introduce stability bonds and a financial transaction tax at European level.

MEPs also call on the debate before voting the resolution for actions to restore growth and reduce unemployment. The resolution stressed that it would have been better to have reached an agreement under normal EU law, reiterating an argument constantly aired by MEPs since the idea of a separate treaty was first mooted.