EU needs to tackle global imbalances, says Berès


Global governance needs to be reshaped to tackle the imbalances that caused the financial crisis, the newly-appointed rapporteur of a special European Parliament committee on the crisis, French Socialist MEP Pervenche Berès, told EURACTIV in an interview. 

The committee “has the opportunity to do what legislators under huge time constraints may not be able to do: to sit back, think and have long-term vision,” Berès said. 

The European Parliament has given the special committee 12 months to come up with recommendations for a European recovery (EURACTIV 16/10/09). 

Top of the agenda will be an investment strategy for job creation, said the rapporteur, who onlookers describe as redoubtable and tenacious. 

Berès, who since this year’s European elections has also been chairing the employment and social affairs committee and was reportedly the only MEP who wanted the job of rapporteur, wants the committee to return to the EU’s pre-crisis priorities of March 2007. 

She is referring to the bloc’s Lisbon Strategy for growth and jobs, better regulation and an integrated energy and climate policy, all of which were destabilised by the crash in financial markets. 

“Our priority should be not to imitate what other committees, the Council and the Commission are doing […] but to have long-term vision,” Berès said. 

She also wants Europe to play a greater role in global decision-making. She criticises the G20’s policy arm, the Financial Stability Board, for focusing on the views of central bankers and not policymakers. 

“The long-term strategy of financial supervision should prioritise the EU’s role in governance such as the IMF,” Berès insists. 

She also criticises the EU for being hesitant to reform the IMF because it would mean a reduction of its own voting power. 

“I strongly believe that this is the price to pay if you want the IMF to play the role it should be playing,” she adds. 

Berès was speaking to Claire Davenport.

To read the interview in full, please click here.  

Subscribe to our newsletters