During the October plenary meeting, the European Parliament decided to create a special committee on the financial and economic crisis (CRIS). The committee will have a 12-month mandate and consist of 45 members. The constitutive meeting of CRIS will take place on 15.10.09 at 10h00 in Brussels. CRIS will assess the impact of financial crisis on Member States and propose measures that would help recreate sustainable financial markets. The CRIS committee will convene hearings with industry members, governments and national parliaments and economy experts, as well as CRIS will present its opinions to the legislative work of Parliament’s standing committees.
Preventing futures crises One main objective in creating this committee is to ensure another financial crisis does not occur by evaluating the events that occurred and led up to the financial crisis, the impact on Member States and governments’ responses to the crisis. The CRIS’s mandate started on 8 October 2009 and the special committee will present its findings in a mid-term report and a final report that will include policy recommendations. The committee will layout the necessary steps to rebuildstable financial markets ; that would allow for economic growth, the creation of new jobs, and provide regulations that would prevent another crisis. The future chair of the committee will be Wolf Klinz, a German member of the Alliance of Liberals and Democrats who also sits on the Economic and Monetary Affairs Committee (ECON). Several other members of the ECON committee will be apart of CRIS, notably the committee chair Sharon Bowles (ALDE, UK). Other members of the newly set-up special committee will be former ECON chair Pervenche Berès (Socialists), and the rapporteur on the Directive on alternative investment fund managers, Jean-Paul Gauzès.
Jerzy Buzek , EU Parliament President, stated : "We should learn the lessons from this economic and financial crisis so as to ensure that it is not repeated. Members of the European Parliament must assess the effectiveness of measures taken by the EU and Member States to alleviate the financial crisis. The new European Parliament committee will serve as an important forum for this."
Further Information
More information about the committee
Wolf Klinz on EP special committee to tackle the financial crisis
EP financial crisis committee takes shape
EPHA related articles
*Update* Financial crisis : who, what, and why ?
Belgian Presidency discusses financial crisis with NGOs
Global crises dramatically impacting on health, says Dr Margaret Chan
