Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-10-23-Speech-2-105-000"

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"Mr President, ladies and gentlemen, a single currency requires genuine economic union; not merely a system of rules and regulations but economic government based on democratic institutions and equipped with adequate resources. Parliament insists that there can be no effective and legitimate ways of achieving this aim unless developed within the Union framework based on the institutions of the Union, and that the European Parliament is the Parliament of the euro because the euro is the currency of the Union. It is right that these principles should be recalled in the European Council’s conclusions, but they need to be stated tangibly and coherently. Greater fiscal capacity is required to absorb the shocks caused by the crisis and to sustain growth and social inclusion, but clearly such fiscal capacity can and must be made a part of the EU budget and must be based on additional own resources; above all it should not distract from the need to have a joint capacity for issuing and managing debt. However, we are opposed to individual contracts: they are ineffective and risk bringing about an asymmetric transfer of sovereignty, which would accentuate the democratic deficit. Parliament proposes a different model: binding and general social and economic objectives defined in ordinary legislative procedure at EU level, with national governments and parliaments competent to decide how these might be achieved. This approach reflects a vision that is at once more ambitious and more realistic of a Europe in which stability, growth, social cohesion and democracy go hand in hand – and for this reason a fifth social pillar is essential – and of a federal transition aimed at building consensus among citizens on the basis of a clear road map. This would involve: 1) correcting a policy based on austerity and the inter-governmental method with swift Decisions that take maximum advantage of the possibilities offered by the Treaties and prioritise growth and employment; 2) rendering the upcoming European elections genuine elections for the government of the EU. Finally, a convention should be called to complete the building of real democratic government for Europe and its currency. Parliament calls on you to act, and Parliament will exercise all of its powers."@en1

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