Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-09-15-Speech-3-139"
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"en.20040915.6.3-139"2
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"Mr President, Commissioner Almunia, ladies and gentlemen, every day in our debates we say that for Europe to be competitive in the world economy it needs more economic growth, more concrete and materials-based infrastructure, and more reforms. Every day we say we must implement the Lisbon Agenda, but the results are there for all to see.
The current Stability and Growth Pact, as structured, cannot provide a solution either for growth, or for the infrastructure gap or for the call for reforms. It is just a poor surrogate for a common economic and growth policy which does not exist. It was wanted by the strong countries because they did not trust the weak ones, but in the end it was the strong countries who were the first not to abide by it.
Something, therefore, is not working, and we have to be honest and admit it. As we all know, the three strategic objectives of growth, infrastructure and reforms can be synthesised by policy makers in a formula that economic theory calls the golden rule, which allows for intergenerational investment spending to be financed through deficit and at the same time requires current spending to be financed without generating a budget deficit.
Until now, European bureaucracies and governments have said no to the introduction of the golden rule for fear of opportunistic behaviour by the Member States. Such fears are correct, but Europe cannot be built on fears. To prevent national opportunism if the golden rule is implemented, it is important that there should be clear European objectives and clear European rules, as well as equally clear financing with
checks on its appropriateness and
checks on the outcome, without leaving any room for accountancy tricks or bullying tactics, which have been used all too often in the recent past, even by countries considered to be hard-liners. Why not try out the golden rule? If the golden rule is not included in the Pact reforms, the ECB will be right in saying that it is better to give up and leave the Pact as it is, stupid and open to being bypassed at will by the strong, but also useless if not damaging, given that the timid interpretative corrections, sponsored by various parties, regarding the flexibility of medium-term deficits as well as the sustainability of debts are of little use.
Mr Almunia, I wish you all the best in your work and urge you to be as courageous as necessary at such a difficult time for the integration of this Europe of ours. Do not listen to the hordes of self-interested sirens in disguise that are likely to permanently sink not only the credibility of the Pact but along with it the credibility of Europe as a whole."@en1
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