A draft report authored by MEP Marianne Thyssen and presented to the Economic and Monetary Affairs Committee underlines that the EU already has some tools in place to tackle the crisis, although a strong economic and monetary union in the future will require treaty changes. As European Parliament is now directly involved in the work of this task force, the Thyssen draft report will ultimately form a part of the mandate for MEP negotiators.

MEP Marianne Thyssen presented her draft report to the Economic and Monetary Affairs Committee which is viewed as a reaction to the work by the Herman Van Rompuy task force on establishing a genuine economic and monetary union (EMU). The text also urges the European Commission to present a package of legislative proposals soon on this topic. Following his meeting with Spanish Prime Minister Mariano Rajoy in August 2012, the President of the European Council, highlighted that progress on the banking union is particularly urgent.

The draft report calls for various long-term measures to strengthen the EMU, such as common debt issuance, tax coordination, a stronger economic and monetary affairs Commissioner, and institutional changes. It also lays strong emphasis on the need to do more with the present setup. Moreover, the question of banking union, which is inextricably linked to the future EMU and its governance, is also an important feature of the draft text. In a parallel debate celebrated also by Economic and Monetary Affairs Committee the banking union topic dominated most of the committee's discussions of draft legislation on bank crisis resolution and a hearing with the three chairs of the European financial supervisory authorities.

The need for democratic legitimacy and accountability of the new competences to be transferred to the EU was also stressed in the draft text. All new authorities to be set up and new competences need to be properly accountable. Key internal Council documents should also be provided to the Parliament and the Troika should be required to report regularly to Parliament and contribute to its hearings, says the report.