CONTRIBUTION OF THE LI COSAC
Athens, 15-17 June 2014
1.
European Elections
1.1
COSAC welcomes the successful conduct of the 8
th
European elections, held
from the 22
nd
to the 25
th
of May 2014. Although the average turnout in the elections
was higher than expected and there were "Spitzenkandidaten" to address European
issues during the election campaign, COSAC expresses its concern about both the
poor turnout in certain member states and the rise of extremism and xenophobia, as
reflected in the results; it therefore urges the respective governments, political parties,
as well as the European institutions to reflect on their share of responsibility for these
phenomena and act promptly in order to tackle them.
1.2
In this regard, COSAC welcomes the expressed will of the Heads of EU states
to place growth and job creation on top of their priorities, together with pursuing
further progress in the area of freedom, security and justice and coping with the major
challenges of climate change and energy efficiency and security.
2.
Economic Governance
–
Deepening of the Economic and Monetary Union
(EMU)
2.1
COSAC reaffirms its conviction that deepening of the EMU, through the
introduction of policies dealing with the insufficiencies revealed after the outburst of
the crisis, is of utmost importance. In this context, an integrated financial framework
with a fully - fledged banking union, with effective supervisory, resolution and
deposit guarantee mechanisms at a European level, coupled, as necessary, by a
genuine fiscal and economic union is seen as a natural next step to the budgetary
coordination framework already in place.
2.2
Consequently, COSAC welcomes the political agreement reached during the
Hellenic Presidency of the Council, on the Single Resolution Mechanism, as well as
the completion of the agreement on the Single Resolution Fund. These agreements
shall play a vital role towards the conclusion of a Banking Union, which will help
ensure financial stability, minimise the cost of bank failures on European citizens,
restore the markets’ confidence in the European banking sector and allow banks to
resume supply of credit to the real economy and thus pave the way to growth.