42.Calls for the integration of the Fiscal Compact into the EU legal framework on the basis of an assessment of the experience with its implementation;

43.Points out the need to switch from unanimity to QMV for the adoption of the Multiannual Financial Framework (MFF) Regulation, by using the provisions of Article48 (7) TEU and Article 312 (2) TFEU; highlights the importance of establishing a link between the duration of Parliament’s legislative term and the duration of the MFF, which can be reduced to five years under the provisions of Article 312 (1) TFEU;

44.Proposes to change the procedure for the adoption of own resources through the general ‘passerelle clause’ contained in Article 48 (7) TEU, which would facilitate the necessary transition from a system based on Gross National Income (GNI) contributions to one based on real own resources for the EU and the eurozone budget, such as a reformed Value Added Tax (VAT), a Financial Transaction Tax (FTT) or revenue from other sources such as the Emission Trading Scheme;

45.Calls for better use of the existing structural funds in the direction of fostering competitiveness and cohesion, and for the creation of an increased EU investment capacity through the exploitation of innovative approaches such as the European Fund for Strategic Investments, or through the creation of a specific facility to finance and guarantee infrastructure projects in the interest of the Union;

46.Insists on the full implementation of the existing six-pack and two-pack framework and the European Semester to address, in particular, macroeconomic imbalances, and secure long-term control over deficit and still extremely high levels of debt by improving spending efficiency, prioritising productive investments, providing incentive to structural reform and taking into account business cycle conditions;

47.Recalls that the euro is the currency of the Union and that the EU budget is designed to help less developed Member States catch up and become able to join the eurozone;

48.Proposes the establishment of a fiscal capacity within the eurozone in order to assist Member States in the implementation of agreed structural reforms, based on incentives and certain conditions, including the effective implementation of the National Reform Programmes agreed within the European Semester; considers that this could be done through the creation of additional capacity and/or by earmarking funding from the existing EU budget for this purpose; underlines that any new instrument should be placed within the EU budget, but outside the ceilings of the MFF, and financed from real own resources;

49.Pledges to increase the resilience of the EMU when facing economic shocks while preventing any form of permanent fiscal transfers;

50.Reiterates its support for the suggestion to transform the position of Commissioner for Economic and Financial Affairs into a Treasury Minister, as made in its resolution of 12 December 2013 on constitutional problems of a multitier governance in the European Union[6];

51.Considers it necessary to incorporate the European Stability Mechanism into the Union legal framework and, as a next step, to transform it into a European Monetary Fund;

52.Believes that the establishment of a European fiscal capacity and the European Monetary Fund are steps in the process of creating a European Treasury, which should be accountable to the European Parliament;

53.Calls for due consideration to be given to the main findings of the Expert Group created by the Commission, with a view to constituting a Redemption Fund;

54.Believes that the Single Market contains growth potential that has not yet been fully exploited, particularly with reference to the Digital Single Market; calls, therefore, for better control of the correct application, and better enforcement, of the existing acquis in this domain;

55.Calls for the rapid completion of a Banking Union based on a single supervision mechanism (SSM) and a single resolution mechanism (SRM), and sustained by an adequate backstop; calls, to this end, for a swift agreement on an adequate bridge financing mechanism until the Single Resolution Fund becomes operational and a European Insolvency Scheme is created;

56.Considers it necessary to strengthen the level playing field inside the single market by creating a single rule book applicable to all banks in the EU;

57.Calls for the establishment of a true capital markets union, with a single European capital markets supervisor;