Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-03-13-Speech-2-082-000"

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"Mr President, ladies and gentlemen, the satisfaction of having escaped danger is understandable, but it should not make us forget the mistakes and the delays of recent years, not to mention the decisive role played by the European Central Bank (ECB) and by the new Italian Government. Most importantly, our satisfaction should not stop us facing up to the enormous structural problem that the policies of recent months have not resolved. The strategy of salary deflation brought in by austerity policies as an alternative to devaluation is not economically or socially sustainable, nor is it universally accepted in political terms. We should leave the caricatures behind. Nobody here is proposing deficit spending. We do think, however, that it is possible to combine national fiscal responsibility with a revitalisation of investment and demand; it is possible with a more even distribution of wealth; it is possible if we confront macro-economic imbalances; it is possible through large-scale EU investment; it is possible if we set up shared management of debts through a debt redemption fund. The Community method offers the instruments for realising these objectives, but we need a change in political direction which, between the elections in France and the European elections of 2014, will start a new cycle and see the consolidation of a different strategy and of truly European economic governance."@en1

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