Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-10-20-Speech-3-044"

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"Mr President, ladies and gentlemen, at the height of the financial crisis, the G20 countries promised joint action to stabilise the financial markets. Today, two years later, we are still a long way away from a global answer. In many instances, the measures adopted pursue national interests and considerations. The initial energy has dissipated and all too often we are back to ‘business as usual’. Mervyn King of the Bank of England put it succinctly when he said: ‘The need to act in the collective interest has yet to emerge’. In its interim report, the Special Committee on the Financial, Economic and Social Crisis makes it clear that Europe is at a critical crossroads. We need to intensify our integration, we need to harmonise our economic and budgetary policies more, we need European infrastructure projects in the areas of energy, transport and telecommunications. We need a functioning internal market and labour market, and we need the resources required in order to achieve the demanding growth targets set out in the EU 2020 strategy. We need innovative sources of financing if we are to be able to exploit the potential of the SME sector. We need more Community method and less intergovernmentalism. A standstill here is a backward move; it will not preserve the . The debt crisis in Europe clearly demonstrates that stability and confidence are not achievable without discipline. The proposals made by Commissioner Rehn and by Mr Van Rompuy’s task force are intended to ensure that the Member States act in a disciplined manner. I regret to say that in Luxembourg the other day, the finance ministers cast aside these proposals at the behest of our Franco-German couple – a missed opportunity and a bad day for our citizens, who quite rightly feel betrayed by politics yet again."@en1
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