Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-03-25-Speech-4-068"
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"en.20100325.3.4-068"2
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"Mr President, first, I would like to say thank you to the Members for a very serious and substantive debate. I have listened to your views very carefully. I can conclude from them that there is strong and broad support for an effective reinforcement of economic governance in the euro area and in the European Union as a whole.
In my view, today’s debate has been a very worthy and valuable setting of the scene for the European Council today and tomorrow. I also welcome the opportunity to continue discussions on economic governance soon in the Committee on Economic and Monetary Affairs, preferably as soon as possible after Easter. I would like to consult you and move forward soon with concrete proposals.
There are two lines of action in reinforcing economic governance which are of the essence. First of all, its cornerstone will be a truly credible and better preventive fiscal and budgetary surveillance that is stronger and more rigorous, also covers the mid-term budgetary policies, and uses recommendations and, if needed, warnings to the Member States.
Its second building block will consist of more effective preventive and more systematic and rigorous surveillance of macro-economic imbalances and divergences in competitiveness between the Member States of the euro area and of the European Union. Binding policy recommendations will also be used in this regard. This is needed to prevent an accumulation of imbalances. It is self-evident that without a doubt, the most pressing and urgent need exists in the countries with large deficits and weak competitiveness – not only in Greece, but, of course, starting in Greece.
It is equally self-evident that we cannot – and will not – mean by this that anybody would weaken the export performance of countries with current account surpluses. In other words, the aim is not to make Bayern München play worse against Olympic Lyon but to improve both export competitiveness where needed and domestic demand where needed and possible, thus making both Bayern München and Olympic Lyon play better as a European team by making both offensive and defensive strategy ever stronger.
That is what the euro area – and, in the final analysis, the European Union – is all about."@en1
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