Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-03-25-Speech-3-027"
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"en.20090325.2.3-027"2
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"Mr President, it surprises me that the President-in-Office of the Council, who lost a vote of confidence in his parliament yesterday, is being so harsh on the failed policy of the past. He says that the path taken by the US has been historically discredited. He clearly means that one should not rely on social stimuli in times of crisis and he has publicly stated that one should not push the managers of AIG into paying back their bonuses. However, he has also publicly stated that the responsibility for the financial crisis, for the economic crisis, can be limited to past action by the US and that he does not need to engage in self-criticism and question whether the strategy of commercialisation and competitive pressure and unbridled globalisation by the EU itself contributed to it.
In my opinion, this is clear from the relevant passages in the conclusions of the summit, which state that, in the current crisis, the renewed Lisbon Strategy, including the current Integrated Guidelines, remains the effective framework for fostering growth and jobs. However, it is then also very clearly noted in the reference documents that there must of course be a connection with the approach of sustainable public finances and, in this connection, with continuing pension reforms. That surprises me. It has therefore been worked out that continuing pension reforms is connected with continuing privatisation of the pension system, with an increase in the proportion of old-age care covered by capital.
This again strengthens two decisive causes of the current financial and economic crisis, namely reliance on the financial markets, despite the fact that the crisis was triggered by turbulence on the financial markets, and further sharpening of social divisions in particular. However, it was precisely the explosion of liquid money capital that led to this social division, to a division by income distribution. This is where the corrections should apply. I therefore fail to comprehend why the Commission and the Council failed to adopt the corresponding corrections during their summit talks.
If one talks of the Lisbon Strategy, one must also refer to the Commission’s White Paper on Financial Services Policy (2005-2010), which relies on the integration of the European financial services market into the global financial services market and on the corresponding articles of the Treaties of Nice and Lisbon which, on the one hand, prohibit any form of restriction on the free flow of capital and, on the other hand, are pushing the financial institutions into putting an unobstructed flow of financial services in place. That stands in pertinent contradiction to any form of fight against the causes of crises."@en1
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