Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-04-23-Speech-4-361"
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"en.20090423.62.4-361"2
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"Mr President, I would like to thank you for a very serious and constructive debate. I will of course report this to the Commission, President Barroso and my colleague, Joaquín Almunia.
I have two or three comments, firstly on the European economic recovery plan. Like Poul Nyrup Rasmussen, I have of course taken careful note of the latest IMF economic outlook, which is indeed a very gloomy read. At the same time, it is essential to note that we have already taken very substantial and significant policy decisions to stimulate the European economy and the world economy. This has already, by and large, helped to stop the financial meltdown. But of course it is only honest to say that there will still be bad news coming from the real economy for some time, especially as regards increasing unemployment. Therefore we have to be very alert and vigilant. We have to constantly assess how the economic recovery package, the fiscal stimulus and the financial reforms are working and producing results. If necessary, we will have to do more – and better – in the course of the coming months.
We are doing our homework on the financial market reform, as a response to several colleagues. On the Commission agenda next week, for instance, we have a major package of legislation concerning the financial markets, especially the Director’s remuneration, and a recommendation on the remuneration policies in the financial services sector. This is a very important part of the reforms of the financial markets.
Finally, while the reform of the financial regulation in Europe, and in the world globally, is indeed necessary in order to correct the system errors of financial capitalism, at the same time it is important that we do not throw the baby out with the bathwater as regards the market economy as such. In other words, we have to preserve the single market – which has been the engine of welfare in Europe – and we have to work for a new world trade deal in the context of the World Trade Organisation. As Mr Daul said, we need more, not less, trade. This is especially important for developing countries, which are very badly hurt because of the current recession and the slowing-down of world trade.
As replacement for Louis Michel next month, I am also involved in this because of my portfolio responsibilities. Indeed, the developing countries are among those which are suffering most from this economic recession. Therefore we should not lose momentum on rapidly reaching an ambitious conclusion of the Doha Development Round. In the current economic climate the value of concluding Doha has gone up very substantially. Doha would boost the world economy and prevent protectionism from picking up. Therefore all G20 countries should look beyond their domestic political garden and show a real commitment to moving ahead without delay as regards the Doha Development Round. I think it is also important to note, from the point of view of development, that leaders in the G20 also agreed on a trade finance package worth USD 250 billion over two years to support global trade flows, to which Europe will contribute substantially."@en1
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