FINANCIAL, ECONOMIC AND SOCIAL CRISIS

In late 2009, MEPs voted to set up a Special Committee to look at the impact of the financial crisis. Its task is to assess measures taken by the EU and Member States, analyse their impact and make ambitious proposals setting the basis for a sustainable economic and social model for the 21st century to the Commission and European Council.

Vito Bonsignore MEP is the EPP Group Vice-Chairman responsible for the Special Committee on Financial, Economic and Social Crisis.

The Special Committee on the Financial, Economic and Social Crisis has a mandate of one year and its remit is horizontal, touching on areas dealt with by many other Committees, such as the Economic and Monetary Affairs and the Employment and Social Affairs Committees, for example.

The new Committee will have no legislative responsibilities, however - this remains the preserve of Parliament's standing committees for financial, economic and social affairs. The Special Committee will instead work in 3 stages: a 'listening' phase, a phase of assessment and analysis and, finally, the production of ambitious proposals which will be voted in Parliament's second September 2010 plenary session. The results of the Committee's work will also inform the work of the June European Council, by providing Parliament's views.

The Committee will hold hearings, workshops and conduct fact-finding missions to the US and China. It will consult all relevant stakeholders, including social partners, SMEs and experts from the academic, economic and banking sectors.

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