Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-02-15-Speech-3-041-000"

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"Mr President, by taking part in a critical but constructive capacity in the negotiations for the fiscal compact, this Parliament has reached an important point of unity. Greater budgetary responsibility at national level is necessary but insufficient, and without concrete steps towards growth and solidarity, it could lead to an unsustainable downward spiral towards recession. There is no evidence of Parliament’s approach, which is well thought-out and balanced, in the preparatory documents of the European Council. For the Council and the Commission, the word ‘growth’ seems to mean fiscal consolidation and salary reductions. It is true that there are positive developments taking place on the internal market, but they are not enough. Growth requires a robust internal driver, which involves a two-pronged objective: to reinforce internal demand in countries with a surplus and to promote an extraordinary investment plan financed by project bonds. However, the Commission only interprets the macro-economic imbalances in one direction – ignoring the logic of the Ferreira rule – and there is no trace of project bonds and shared investments in the European Council documents, except for a vacuous game in which the card picked is to use the existing resources of the Structural Funds, a bit like the way Mussolini used to move his tanks around in the Second World War to make it seem as if he had a bigger army than he actually had. It is therefore clear that this ruling class has had its day, and only a major political sea change can save Europe from disaster."@en1

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