Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-04-07-Speech-3-020"
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"en.20100407.4.3-020"2
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"Mr President, it is a good thing that the Heads of State or Government were able to agree an emergency package, but this is hardly a really European solution. The German Government has, for tactical electoral reasons – with regard to North Rhine-Westphalia – gone quite far down the road of populism. The agreement, then, was hanging by the thread of the conversation between Chancellor Merkel and President Sarkozy. It is no package to cover the citizens. The objective of the funding mechanism is to consist, and I quote, of ‘incentives for the fastest possible return by the financial market to setting high-risk prices’. Economic policy coordination is to be built on the failed principles of the Stability and Growth Pact. The State and the citizens are to make savings, while the financial markets – the banks – are to evaluate whether enough savings have been made. I regard that as a dubious procedure. In the EU there is currently an unemployment rate of 10% – the highest since 1998. Over 20% of under-25-year-olds are out of work. There is a need to say very specifically where we want to make savings. Otherwise, I fear the worst.
Why has the Council not agreed on an increase in the cohesion and structural funds or an immediate prohibition on trading credit derivatives? Why has it postponed agreement on specific targets to combat poverty in the EU indefinitely? I am not saying, incidentally, that they have done so deliberately, but to all intents and purposes the postponement will endure indefinitely. I consider that to be a scandal in this, the European Year for Combating Poverty. June this year is much too late."@en1
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