The European Parliament approved a resolution which asks for more accountability if powers are transferred to the EU level to strengthen economic and monetary union. The resolution also calls for the European Stability Mechanism and the Fiscal Compact to be integrated into the EU treaties as soon as possible, thereby removing them from the intergovernmental realm.

MEPs approved a resolution which stressed that although full Economic and Monetary Union (EMU) will need treaty changes, progress can already be made within the current setup. The resolution accepts that full EMU will require changes to the EU's basic rules and advocates a "truly federal Europe". However it also points out that much can be done within the current setup to tackle the crisis. To this end, it calls on the Commission to table legislation consistent with the treaties and to list legislative proposals in the pipeline that should not be delayed due to work on long-term institutional reform. A resolution approved by the Economic and Monetary Affairs Committee in October 2012 already set out priorities for achieving full economic and monetary union.

The resolution also underlines the need for accountability of a host of players. Much of this setup would need to be developed at the EU level, but national players, especially parliaments, should also be further empowered. Measures to strengthen the role of the economic affairs Commissioner should be balanced by making him or her more accountable to the European Parliament. Likewise, all players involved in coordinating economic policies (the European Semester), would need to explain their positions and decisions more publicly, including in the European Parliament.

MEPs calls in the resolution for the European Stability Mechanism and the Fiscal Compact to be integrated into the EU treaties as soon as possible, thereby removing them from the intergovernmental realm. New legislation which could already be possible includes tax coordination through enhanced cooperation, a social pact to better integrate employment and social concerns, rules to fine-tune the European Semester arrangements, and a system providing an EU budget funded solely by own resources.