Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-02-19-Speech-2-228"
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"en.20080219.30.2-228"2
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"Madam President, in this debate on the Lisbon Strategy I want to point out first of all that, in my opinion, insufficient account has been taken of the effect of the American financial crisis on the level of economic growth and unemployment in Europe. While the GNP forecasts for 2008 and 2009 put forward by individual Member States are lower than the growth rates achieved in 2007, it appears that the reality will be even worse.
My second point is that the United States Government and the Federal Reserve System reacted vigorously and with lightning speed. The government proposed 150 billion dollars’ worth of support for firms and consumers and, by cutting interest rates several times, the central bank ensured that the real basic interest rate was negative.
By contrast, the governments of the EU Member States, the European Central Bank and the other central banks give the impression that they are happy with the slowdown in economic growth and the strengthening of the euro. One must agree with the report’s conclusion on the need to transfer the work-related tax burden to environment-related taxes, but decidedly reject the proposal to coordinate corporate tax rates in the Member States."@en1
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