Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-09-23-Speech-2-246"
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"en.20030923.6.2-246"2
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"Madam President, Commissioner Monti, ladies and gentlemen, the threat of the Alstom Group’s imminent bankruptcy has been averted through a compromise solution between more than thirty lending banks, the French Government and the Commission. The support package amounts to EUR 2.8 billion. EUR 2.8 billion, that is a generous package, and it could also be said that it is, for the most part, a generous present from the state that is of doubtful benefit.
In my view, it is impossible to eradicate from Europe the erroneous belief that money can be used to prop up uncompetitive structures. I would argue for temporary support to avoid structures breaking down and to allow them to change, but I am concerned that even in this way uncompetitive structures will continue to be supported. The convertible loan, which is on the cards as a compromise, is nothing more than an invitation to the French state to exchange this for shares after this enquiry, which would once again result in the re-nationalisation of Alstom.
It is precisely this mindset in Europe of not wanting to allow structural change, the belief that state money should, as a matter of principle, be used to avoid structural change, that is damaging for Europe as a business location. The International Monetary Fund has once again pointed out that it is the large states, Germany, France and Italy, that act as bottlenecks on the continent and are thus responsible for the fact that the next boom will probably pass Europe by.
The elimination of businesses that cannot sustain competition is part of the market economy, and, let me add, also part of the social market economy.
Something else of importance for me is that today, Mr Monti, we can read the headlines saying that the test of strength has been passed. I see that as positive and I should like to congratulate you on this in this House. It was important that the French state should not put before the Commission a
without being asked. No, this European Union is a Community based on the rule of law and this includes competition law. I can only invite all national states to heed this law. From 2001 to date there has been an increase in state aid – EUR 88 billion to date within the European Union – that is revealing and something to fear. I think that the nation states are well advised to adhere to competition law, in particular on the eve of the enlargement of the European Union."@en1
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