Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-11-18-Speech-2-302"
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"en.20081118.29.2-302"2
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"Madam President, we are in the middle of a vicious circle now in the sense that, when the economy becomes negative, financial institutions get further losses on their balance sheets, which means that there will be further strains on the interbank market, which leads to further credit constraints, which leads to further negative growth. People will not be capable of understanding how we can use taxpayers’ money to save the banks and not use taxpayers’ money to create some jobs. That is why I would focus today on how to reassess this credit crunch, but also – and first and foremost – the recession we are in the middle of.
As I see it we are at risk of negative growth next year in the European Union as such of -1% – not only -0.3%, but -1%. If we take that prospect – which is not unlikely – our aim and our duty are to avoid that recession. Minus one percent next year will correspond to a Growth and Stability Pact of more than -3%. My point is that we cannot save the Growth and Stability Pact by doing nothing. It will get worse if we do not do something.
Now, what something can we do? I know it is not easy. I know there is disagreement among governments, but I think that the Commission has a duty to try to bring all the governments together to get one easy job done. I know that in Berlin you are saying ‘no thanks’ to coordination because that means further expenditure from the German Government to other governments. I would say that you do not need to do that, dear friends in Berlin. We can do things together without having further expenditure from one government to others. It is about understanding that by investing at the same moment in time in the next couple of years you will have added value.
The International Monetary Fund (IMF) has made one simple calculation. Imagine that the G20, all of them, invest just 1% more of their GDP in jobs. If they do that simultaneously then there will be an extra percent for free. So what I am saying is that every government in Europe can make it, if they do it together. If every government in Europe were to invest 1% of their GDP to counteract the recession, were to do it intelligently, and were to do it socially for more and better jobs, caring for the most vulnerable groups, then they will have an extra percent for free.
That is why I simply must appeal to the Commission, Vice-President Wallström, asking you to present one simple scenario showing what would happen if all our major governments were to do what I am saying here, showing that all of them will be better off, not only in jobs, but also in public budgets and also in the Growth and Stability Pact. It is a simple exercise. If you do not have the instruments, I have. I would willingly advise you how to do it."@en1
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