Economic and Monetary Affairs Committee approved a resolution which sets out many measures to improve democratic accountability and legitimacy, so as to match transfers of powers to EU level. The resolution particularly places very strong emphasis on the need for an appropriate accountability setup with regard to a host of players.

A resolution adopted by a large majority of MEPs in the Economic and Monetary Affairs Committee in the European Parliament sets out priorities for achieving full economic and monetary union. The resolution places very strong emphasis on the need for an appropriate accountability setup with regard to a host of players. For EU bank supervision, the resolution says that the European Parliament should be empowered to approve the bank supervisor chairperson. Parliament should also have the right to investigate any perceived failings of the supervisor. The European Stability Mechanism (ESM) chairperson would likewise need to be approved by Parliament and would be subject to regular reporting requirements. The European Parliament group leaders adopted on 2 of October a negotiating position on full Economic and Monetary Union (EMU).

The resolution stressed that national parliaments would also need to be better involved, so as to bring the EU dimension into everyday national politics. The resolution specifically calls on national parliaments to take part in shaping the fiscal and reform plans that their governments then submit to the EU. MEPs also call for a closer involvement in the European Semester of all players, ranging from civil society to national and regional parliaments.

The resolution accepts that a full economic and monetary union (EMU) will require changes to the EU's basic rules. However, MEPs also point out that much can already be done within the current setup to develop immediate solutions to the crisis. The resolution therefore calls on the Commission to table legislation consistent with the current treaties and to list legislative proposals in the pipeline that should not be delayed due to long-term institutional developments.