Thus, during the first phase of the global eco-
nomic crisis, European response has been char-
acterized by a "short-sighted" approach, motivat-
ed by dogmatism, enforcement and regional seg-
mentations.
The result of this approach was to delay the iden-
tification of the crisis as "systemic", putting at risk
the viability of the common currency.
During the crisis, Europe stood behind the curve
in the culmination of a comprehensive and coher-
ent solution.
A major part of this institutional deficit in the eco-
nomic dimension of European integration is
attempted to be filled in the current period, with a
number of important institutional interventions in
the economic and financial architecture of the EU.
These institutional changes, in conjunction with
policies and actions in other fields of economic
activity, are the top priorities for the Ministry of
Finance, during the Hellenic presidency.
Precisely, these priorities are
:
●The amplification of the economic dimension of
the EMU by strengthening the coordination of
fiscal and economic policies of the member
states, in order to ensure greater stability of the
European currency, promote the necessary
structural reforms, and built up the toolbox that
strengthens convergence, and the competitive-
ness of the European market, so as to free
resources for the “social” dimension of eco-
nomic policy.
●The acceleration of the procedures for the bank-
ing union, through the formulation of the new
European institutional framework under the sin-
gle resolution mechanism, and the legislation of
institutional and legal provisions so as to
upscale the trustworthiness of European banks
and, consequently, for the deposits guarantee
scheme.
●The reviewing of the entire supervisory legisla-
tion framework of financial supervision at capi-
tal and insurance markets, concentrated under
the spectrum of combating money laundering
and implementing a new agenda, which
improves transparency on the supervision of
the private insurance market.
●The effective implementation of the recently
added rules and procedures of the Two-pack
and the European Semester, focusing on the
consistency of the process due to regular and
exhausted assessments of the promoted
reforms.
●The persistence on EU initiatives for justice in
the tax systems among the member states of
the EU and the strengthening of efforts to com-
bat tax evasion.
In parallel, the Ministry of Finance has set priori-
ties for the scope of the EU Budget:
(a)
To ensure that, based on the principle of solid
fiscal rules, the European Budget for 2014 will be
on track, in accordance with the agreement that
was recently reached between the European
Parliament, the European Commission and the
European Council.
(b)
To establish the guidelines for the 2015
Budget, taking into account only the feasible and
realistic assumptions, so as to avoid consecutive
amendments during its implementation.
(c)
To conduct the discussions on the discharge
recommendation on budgetary year 2012.
(d)
To assess and review the Own Resources
System, under the scope of ensuring the smooth-
ly and timely financing of EU policies.
To conclude, it is widespread through the study of
European integration that the greatest novelties in
the European Union were held as a result of
crises and controversies on the European idea.
Nowadays, in such an exceptional period, we are
obliged, and that consists one of the top priorities of
the Greek presidency, to build up Europe under the
principles of active solidarity among the member
states, and incorporate the great expectations of
European citizens for European convergence.
Trade with Greece
25
