Press release – Rapid progress imperative for the completion of the EMU
12.12.2012, 11:58 (CET)
Cyprus’ Deputy Minister for European Affairs, Ambassador Andreas D. Mavroyiannis called today, December 12, for the swift adoption of the Single Supervisory Mechanism (SSM) proposals. Ambassador Mavroyiannis was speaking in the European Parliament’s (EP) Plenary session, during his intervention concerning the preparations of the upcoming December European Council.

Performing the Cyprus Presidency’s final intervention at the EP Plenary, Ambassador Mavroyiannis talked about the preparations of the European Council meeting of December 13 and 14 and highlighted the need for rapid progress concerning an integrated financial framework.

Preparing the December European Council

“The most immediate priority must be the adoption of the Single Supervisory Mechanism proposals,” said the Cypriot Deputy Minister, explaining that the discussions at the upcoming European Council will focus on the completion of the Economic and Monetary Union (EMU).

Discussions will be based on the report ‘Towards a genuine Economic and Monetary Union’, published on December 5, 2012, by the President of the European Council, in close collaboration with the Presidents of the Commission, the Eurogroup and the European Central Bank.

The Deputy Minister referred to the three stages set out in the report and stressed that at this stage it is imperative to achieve rapid progress towards a more integrated financial framework.

Ambassador Mavroyiannis stressed that “an essential element of this process will be the need to ensure the commensurate development of democratic legitimacy and accountability at the level at which decisions are taken and implemented.”

”Any reinforcement in the capacity of the EMU to take executive economic policy decisions would in particular require a further reinforcement of capacity of the European Parliament to exercise accountability and oversight,” he continued.

Financial Transaction Tax

During yesterday’s Plenary session, Cyprus’ Minister of Justice and Public Order, Mr. Loucas Louca, intervened on behalf of the Council, in the debate concerning the Financial Transactions Tax (FTT). The decision to proceed with enhanced cooperation in relation to the proposal for an FTT was taken towards the end of the Danish Presidency and the onset of the Cyprus Presidency.

Cyprus Presidency monitored closely the developments and facilitated discussions at different Council levels. The Cypriot Minister referred to the eleven Member States which have chosen to join the enhanced cooperation and that at least one more is considering joining. Mr. Louca expressed the Cyprus Presidency’s gratitude to the EP for its work and especially, the speed in which it responded to the Council's request for consent to the authorisation to proceed with enhanced cooperation.

”The Cyprus Presidency has devoted much work in examining this proposal and this has resulted in the formal request from the Council - sent to you last week - for the assent of the Parliament, ’ Mr. Louca pointed out.

Presidency Spokesperson in Brussels
Nikos Christodoulides

Coreper II

Email: nchristodoulides@mfa.gov.cy
Telefon: +32 27395152
Mobiltel: +32 473400441
Head of Programme and Policy Coordination Unit
Irene Piki

Cyprus EU Presidency Secretariat

Email: ipiki@cy2012eu.gov.cy
Telefon: +357 22400145
Communications Officer
Poly Papavassiliou

Office of the Deputy Minister for European Affairs

Email: ppapavassiliou@cy2012eu.gov.cy
Telefon: +357 22400144



10.12.2012 - 13.12.2012
13.12.2012 - 14.12.2012