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Press release – Cyprus Presidency intervenes in EP Plenary discussions on the Economic and Monetary Union
20.11.2012, 14:48 (CET)
The Cyprus Presidency, through its Justice and Public Order Minister, Mr. Loucas Louca, intervened during the second day of the European Parliament’s (EP) Plenary session which took place today, Tuesday, November 20 in Strasbourg. The Cypriot Minister intervened in the discussions concerning the Economic and Monetary Union (EMU), stressing that an integrated financial framework needed to be put in place, where the EU’s banking sector would be strengthened.

Discussions at the EP Plenary concerning the EMU, revolved around the MEP Marianne Thyssen’s Report on the future of the EMU. The Thyssen Report includes recommendations to the European Commission on the report, entitled ‘Towards a genuine Economic and Monetary Union’, prepared in June this year, by the Presidents of the European Council, the Commission, the European Central Bank and the Eurogroup and the relevant Interim report, prepared in October.

Rapporteur Thyssen emphasised the need for democratic legitimacy and accountability in contributing to the ongoing process of deepening economic and monetary union.

In his statement, Mr. Louca stressed that “there is a clear need to strengthen the EU's banking sector and to move towards an integrated financial framework, open as far as possible to all Member States wishing to participate” and he recalled that work should be continued, so as to agree on the legal framework of the Single Supervisory Mechanism, before the end of 2012.

“We have been called upon to work with the objective of agreeing, before the end of this year, on the legal framework for one of the elements - a Single Supervisory Mechanism (SSM). The Presidency intends to do its utmost to fulfill that mandate, and I am confident that we all share that ambition”, added the Cypriot Minister.

“In the long-term we will have to go further in deepening EMU if we are to ensure stability and deliver sustained prosperity,” concluded Mr. Louca.

The Cypriot Justice Minister is also set to intervene later on tonight in the discussions on the World Conference in International Telecommunications and at the joint debate on the Schengen Information System (SIS).

Presidency Spokesperson in Brussels
Nikos Christodoulides

Coreper II

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

Cyprus EU Presidency Secretariat

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

Office of the Deputy Minister for European Affairs

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

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