Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-11-17-Speech-1-102"
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"en.20081117.21.1-102"2
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"Mr President, I should like to thank all the Members who have spoken in this debate. I believe that, from this debate, we can conclude that there is a very broad consensus in favour of the report under discussion, together with very broad support for continuing with the Economic and Monetary Union project and also in favour of our single currency. I am not saying this out of a desire to repeat the reasons given by those of us who supported the creation of Economic and Monetary Union 10 years ago, but due to the analysis of what has happened in that decade and of what we must do now, in these very difficult economic times.
Of course, the current problems cannot be attributed to the euro. As we all know, the causes of this very deep crisis do not lie here in Europe or in the euro area. However, it is clear that we are paying the price, as are other industrialised countries, emerging economies and developing countries. This is because, in a global economy, decoupling is not possible. However, with Economic and Monetary Union, we at least have the instruments to tackle the problems more effectively. We believe that we will be able to get out of this crisis quicker if we work together than if each country tries to go it alone.
I agree with all those – and there have been many – who have said that the European Central Bank is an institution which, since its creation, has more than adequately justified the trust that we placed in it in the Maastricht Treaty. I believe that it has done its work very well and that this work should be supported, because it is an essential part of Economic and Monetary Union.
I also agree with all those who have said that the Stability and Growth Pact should be maintained as it is now, following the 2005 revision, so that we can use the flexibility introduced in that year and debated here on many occasions. This flexibility will enable us to maintain budgetary discipline and the rules of budgetary discipline. It will enable us to anchor the sustainability objectives of our public accounts. However, at the same time, it will enable us to use our fiscal policy in a situation requiring an active policy in terms of taxation and fiscal policy instruments.
The fiscal stimulus must be coordinated so that it is effective. Our framework of budgetary discipline makes this coordination easier, but it also imposes limits to prevent the coordination of a fiscal stimulus from jeopardising the sustainability of our public accounts. Thirdly – and many speakers have mentioned this today – we undoubtedly have to reinforce the voice of the euro in defending the stability of our currency and in bilateral and multilateral relations with holders of our currency, with those representing other currencies and, in particular, with the other currencies of the major players in the global economy.
This crisis ultimately stems from macroeconomic imbalances which should have been tackled but which could not be tackled due to a lack of effective mechanisms for solving global imbalances. We discussed this in Washington and we must keep discussing it. We can only do this effectively, as Europeans, if we give the euro our full political support and the necessary governance mechanisms so that our interests can be defended, as they deserve to be, through the exchange rate for our currency. I believe that this is the road to take, as stated in the report, as has been said by the President of the Eurogroup, as agreed by the Commission and as, in coming months, the leaders of the Member States will also increasingly agree.
This requires coordination, provided that it is the right kind of coordination. It does not mean challenging the independence of the European Central Bank or artificially coordinating economic policy decisions, which must continue to be made according to the circumstances of each country. That is not real coordination. It must be the coordination that has always been behind the economic branch of Economic and Monetary Union, which is coordination serving the objectives of Economic and Monetary Union, in both macroeconomic policies and in the link which must exist between macroeconomic policies and structural policies.
When we in the Commission talk about coordination, we are talking about this type of coordination. I feel that, in the current circumstances, the risk of recession that we are facing shows that this coordination is a priority and that Economic and Monetary Union gives us the instruments to achieve this."@en1
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