Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-24-Speech-3-056"
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"en.20101124.6.3-056"2
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"Mr President, the key to overcoming the economic crisis is to draw binding conclusions from it, because this is, first of all, a crisis of trust and responsibility. Trust is based on a reasonable balance of incomes and expenditures.
For more than 20 years, most of Europe has been used to living and consuming today, at the expense of tomorrow, and even the day after tomorrow – at the expense of the next generations, whose numbers are dramatically dwindling. Secondly, we have been used to treating stability-backed rules in a very liberal way. If the large states can do it in case of domestic need, it is easier for the others to follow suit. Therefore, to enforce the principle of fiscal discipline and restore it in all seriousness, the policies of a balanced budget will be the test case of Europe’s credibility.
Thirdly, there is an obvious need for check and balance mechanisms. I can only welcome the Council’s approval of the conclusions about European economic governance, the activation of the debt criteria and the chance of an early intervention mechanism. But what we really need – and I can only support the conclusions of my colleague Mr Verhofstadt – is real economic governance and real automatic sanctions – sanctions that bite. We look forward to the Commission’s framework proposals on the future crisis mechanisms next month."@en1
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