Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-09-08-Speech-3-028"
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"en.20100908.3.3-028"2
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"It is not only the Stability and Growth Pact which is in need of reform, but also the economic and social model as a whole.
The economic and social model, a particular feature of the European Union, is proving to be untenable at the moment. Initially regarded as a driving force for economic growth, as well as for social protection, it has failed to realise these expectations. Ten per cent of Europeans are out of work, while some Member States are still deep in recession.
On the other hand, we have shortcomings when it comes to controlling economic flows in the EU, which have been clearly highlighted by the economic crisis. This makes macro-economic supervision of Europe’s economies a necessity, especially as the latter are closely linked through the single market and single currency.
I therefore welcome the ECOFIN conclusions on establishing a basis for macro-financial supervision in the European Union, with the help of setting up the European Systemic Risk Board and the supervisory authorities for the banking, insurance and securities sectors, not to mention the monitoring of national budgets within a European Semester."@en1
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