The European People’s Party (EPP) is backing the European Commission’s proposals on the Economic and Monetary Union (EMU). The new package of measures was presented by Valdis Dombrovskis, Vice-President for the Euro and Social Dialogue, on December 6.

“Since the beginning, Jean-Claude Juncker, President of the European Commission, has promised to have a political Commission,” said EPP President Joseph Daul. “As he always keeps his word, I am delighted to see that today’s EMU proposals follow the EPP priorities we put forward already one year ago.”

According to Daul, economic reforms across Europe so that never again is the taxpayers’ money used to save banks or bailout irresponsible financial institutions.

“For this, I welcome the Commission’s initiative which strengthens the Banking Union by turning the European Stability Mechanism into a European Monetary Fund. I am especially pleased that the Commission is putting forward more resources and support for countries to implement necessary structural reforms and reward successfully completed projects.”

Daul noted that his party is particularly supporting the incorporation of a Fiscal Compact Treaty into the EU’s legislation. He said it will ensure that the rules on spending and deficits will protect EU citizens from future crises.

“We insist that these mutually agreed rules cannot be watered down by the Socialists during the process, as they defend citizens and economic stability of their countries from disastrous budgets of socialist governments.”