Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-22-Speech-3-073-000"

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"Mr President, the weakness of the Stability Pact has been one factor in this deepening economic crisis, which has grown into a credibility crisis. Nobody is blameless in this respect. We have now reached an emergency situation where solidarity and responsibility are all that count, but solidarity does not just mean all for one. In exactly the same way it means one for all. Every Member State has to take responsibility for the ownership of our Union and start acting for the common good of Europe. We do need more Europe, and more Europe means more discipline, including concrete measures against those who continue to violate the rules. To restore the euro zone’s credibility, the Commission’s role has to be to become both stronger and more independent in exercising economic governance and conducting surveillance. The Commission needs a mandate to assess the economic situation in the Member States, so it can issue recommendations and warnings in time. But the crucial issue will be the political will and ability to apply fines. Their application should become a rule, not an object of political bargaining. The role of the Council should be duly limited, in procedures that lead to potential sanctions. The EU’s credibility can be restored by improving the quality of statistics, excluding in the future any manipulation and falsifying of fiscal data. My country, Estonia, faced a deep economic crisis three years ago. However, we acted, balanced the budget and entered the euro zone. Latvia acted too and is clearly back on track. All for one and one for all. We all have to act in reforming our societies. Cutting expenses hurts, but remains the only way back to growth and stability."@en1

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