The resolution, which was adopted with 521 votes in favor, 124 against and 50 abstentions, also stresses that democratic accountability must be improved, and says the deal should aim to boost growth, not just enforce austerity.
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The resolution raises doubts as to the necessity of any such intergovernmental agreement, given that its key aims could be better and more effectively achieved through the normal EU system. Moreover, the resolution argues that it is only through the tried and tested normal EU system that a true economic and fiscal union can be achieved.
The resolution also highlights the potential problems that the new agreement, in its current form, could create. These include compounding the lack of democratic accountability, and the resolution therefore argues that the national parliaments and the European Parliament must be included in all aspects of future economic coordination and governance.
An intergovernmental deal also risks permanently embedding a "two-speed" EU. To prevent this, the resolution says the substance of any such agreement should be incorporated into normal EU law within five years.
Finally, the resolution warns against developing a lopsided approach to dealing with the crisis which places too much emphasis on austerity. The agreement should therefore include commitments by the Member States in favor of a redemption fund, project bonds, a financial transaction tax and a roadmap for stability bonds, it says.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataTaking the floor ahead of the vote, the spokespersons for the political groups broadly agreed that, for different reasons, the planned international agreement was unnecessary and even dangerous.
