Earlier this week, EU finance ministers discussed the future extent of the Commission’s role in monitoring member states’ national budgets. This follows in the wake of the Commission’s proposed ‘two-pack’ legislation that would give the EU executive greater competence in reviewing member state national budgets.

This draft legislation was recently submitted for debate in the European Parliament, which would have to give its assent before the legislation is adopted in July.

The sovereign debt crisis in the European Union has shown, if little else, that there is a pressing need for greater supervision at the European level of EU member states’ fiscal policy. Months spent putting together only the latest in a series of bailout packages for Greece has left Europe’s politicians wary of a re-run of the country’s crisis in other member states.

Amid the general economic climate of uncertainty, national finance ministers, the Commission, and the Parliament are intent on making the eurozone more resilient to future financial crises by ensuring a uniform level of sound economic governance across all member states. The benefits of European unity are necessarily accompanied by and depend on the accountability of individual member states towards the larger community.

What happens within one member state will affect all other members of the EU. And this is especially true for members of the eurozone. It is for this reason that it is important to have an overarching governance structure in the eurozone. There must be a common system of surveillance and this system must be upheld by every national government in order for it to function properly.

The ‘six-pack’ legislation on economic governance, implemented last December, includes provisions such as a qualified majority of member states in order to stop automatic sanctions from the Commission on member states with an unsustainable national fiscal policy, and annual budget assessment procedures by the Commission. Thanks to the government’s hard work, Malta’s annual budget for 2012 has already been assessed and approved by the Commission under the guidelines stated in the economic governance package.

Now, with the potential addition of the ‘two-pack’ legislation on economic governance, the Commission could see its role grow in the formulation of national budgets. Member states that the Commission deems ‘at risk of experiencing severe financial disturbance’ will see greater involvement of the Commission in any changes that would need to be made to their national fiscal policy. Yet still, many worry that the Commission’s proposed ‘enhanced surveillance and administration’ could upset the balance between the need to enforce EU rules and the respect of national sovereignty. I believe, however, that this is the only sure way to see Europe return to a unified and competitive player in the global economy.

Still, a considerable amount of responsibility is being placed in the hands of the Commission. Those concerned with keeping competence at the national level will be keeping an eye on how the debate pans out in the European Parliament and, if the legislation is adopted, on how the Commission grows to fill its bigger shoes. The Commission will continue to be kept in check by the Parliament in order to safeguard the interests of European citizens.

There are important lessons to take from the trying economic times we are currently experiencing. It may stand as some comfort to those who have been hit hard by the economic crisis that the EU has not ignored these lessons. Since the crisis hit, the EU has been relentless in its efforts to bolster economic governance in the Union.

Looking forward, the ‘six-pack’ economic governance package as well as, perhaps, the potential ‘two-pack’ addition to the package will be put to the test in the coming months. Already, Belgium has had to review its national budget in order to avoid sanctions under ‘six-pack’ policy. With Spain looking unlikely to meet its Commission-set target deficit, the EU will watch to see the way the Commission will use its new-found competence over national finances in talks with Madrid.

Fortunately, the Maltese economy is sound. Our government has had its 2012 Budget approved, and will continue to focus on boosting the job market, fostering growth, and meeting our deficit targets. With focus and sacrifice, Europe will come out of the economic crisis stronger than before. The legislation being implemented on the EU level is preventative. Europeans can find reassurance in the efforts being taken to ensure that should another crisis hit Europe, we will be more resilient next time round and quicker to rebound to growth.

David Casa is a Nationalist MEP