The Budgetary Control Committee of the European
Parliament has voted on discharge for the 31 decentralised agencies for the year
2012. The committee followed the line of Petri Sarvamaa MEP, EP Rapporteur, and
his proposition to postpone the discharge of BEREC, the Body of European
Regulators for Electronic Communications.
“With BEREC, it was not one big thing that led to the
postponement but many small things. There was considerable room for improvement
for example with the agency’s procurement and recruitment procedures as well as
the agency’s internal controls”, said Sarvamaa. “BEREC has already done some
good work in correcting the problems, but additional time is needed for the
bureau to prove that the improvements implemented will be effective in
addressing the issues.”
In addition to voting on the Reports on each agency,
the committee also adopted a Report aimed at improving the performance,
financial management and control of EU agencies. The committee called for
finding a way to better take into account the diverse nature of the agencies and
their specific tasks and requirements in the auditing of the ECA and
subsequently their reporting to the discharge authority.
Sarvamaa stressed the importance of effectiveness and
transparency in the discharge exercise and welcomes the European Commission's
objectives on this. Special attention has also been paid to issues related to
conflicts of interests.
3 comments:
BRENDAN MCDERMID/REUTERS
European stock markets clawed their way back by the close, after a survey of US manufacturing activity beat forecasts - and sent Wall Street bouncing back.
The London market, though, continued to be dragged down by yesterday’s budget. Insurance firm Resolution shed another 5%, leading the FTSE 100 fallers, after analysts warned that the personal annuity market could be toast (see 12.21pm).
Closing prices:
•FTSE 100: down 30 points at 6542, - 0.5%
•German DAX: +0.2%
•French CAC: + 0.46%
•Italian FTSE MIB: down 0.13%
•Spanish IBEX: down 0.3%
Markets came back after the Philadelphia Fed manufacturing index burst back into positive territory, at +9.0, from -6.3 in February. It’s the latest sign that America’s economy is putting its winter weakness behind it
More power to the ECB, but financial responsibility stays with states. And this fund in 8 years. What a hurry!
A single eurozone system to shut failing banks – the Single Resolution Mechanism – with an inadequately funded €55bn shared pot.
The compromise falls far short of the parliament’s opening position and bows to Germany.
The EU commissioner responsible for the reforms, said the deal had been won through the “spirit of compromise”, i.e. it is a fudge as I predicted.
The only concessions made to the parliament was accelerating the build-up of the common fund from 10 to eight years and front-loading its mutualisation, so that a bigger proportion is shared at an earlier stage. Under the deal, 40 per cent of contributions are mutualised from the first year and 60 the second.
The EP and EC had wanted a fully mutualised fund, with a strong external credit line, a system where Brussels rather than member states would have the final decision. The ECB has the primary responsibility for triggering a resolution process. Essentially what we have now is a formalization of what already was, and it is shaky. Some diplomats fear there is a chance that this provisional deal could unravel.
It doesn't seem adequate to any real test.
Correct, and I suggest it was never meant to be. It's no more than a tactic/tool to further sooth the markets. A bit like Draghi's empty promise to do what it takes. The euro elite took this extend and pretend option in the hope (misguided) that, by now, nations would have sorted themselves out and growth (real) would be returning. Problem with this plan - as Cpt Black Adder said - "it's Bollocks."
So now there is a real prospect that, at some point in time, the shit will inevitably hit the fan (big time) and all of these tools/tactics/measures/plans/strategies will achieve absolutely FA.
All it needs is a spark, a point of origin, an event that spooks the market. That may well come along in the shape of 2014 European Elections, or strategic asset review findings, or a Greek default, et al. IMHO the 'opportunities' are real and significant.
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