Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-11-17-Speech-1-075"
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"en.20081117.21.1-075"2
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"It is said that any crisis highlights all the strong and weak points of economic and institutional structures. I must admit that previously I had little doubt that greater attention to countries in the Euro Zone would create preconditions for the emergence of a two-speed Europe and that developing economies, like Lithuania’s economy, would face obstacles to their entering the Euro Zone. But the current events in the financial markets have changed my attitude to the Eurogroup’s role and influence on the European Union.
It is obvious that the Euro Zone has withstood the first strong wave of the financial crisis. It is clear that the economic downturn can be halted by implementing an economic policy, which is better coordinated among Member States, which speeds up integration and the expansion of the internal market. Those countries, which have remained outside Euro Zone’s borders, have suffered more. For the most part we suffered and became victims of the financial crisis because capital is being taken back. That is why sometimes we object very strongly to decisions, which would ease the movement of capital in the countries of the European Union, it is not that we are against integration. As a professional economist, I know that integration processes encourage economic growth. But we would really like the Euro Zone to become a rock, which would beat back the waves of the financial crisis, a rock which we could climb onto and where we could seek shelter from the icy winds.
What needs to be done to make the strength of the Euro Zone the strength of the entire European Union? We should certainly avoid proposing a lot of new measures. Commissioner, today I looked through the resolutions, which the European Parliament adopted on economic policy. Now it would have been to our benefit, if at least part of those proposals had already been implemented. There are a great number of proposals and it seems to me that we will not think of anything more. Now we ought to consolidate those proposals.
At the moment there are discussions as to whether we need greater state interference or a more liberal policy to overcome the economic recession. I would say that both economic strategies should be used. Above all, what is obvious is that we need a social safety net, where the state offers support and maintenance, so that people who have lost their jobs due to the crisis, due to restructuring, can find a new place in life. On the other hand, we need liberal reforms so that the integration process becomes stronger and creates opportunities for business expansion in the European Union. Here the Euro Zone has a strong part to play.
In conclusion, I would like to join my colleagues and say to you, Mr President of the Eurogroup, that we value your work and know how complicated this all is – at least in the European Parliament you have support."@en1
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