Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-12-15-Speech-3-467"
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"en.20101215.26.3-467"2
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"Madam President, Article 9 of the Treaty of Lisbon, to which you are referring, really defines the specific features of the European social economic model. When you read our Europe 2020 Strategy you can see it explicit reinforces this very model of Europe by bringing together efforts to improve performance in areas such as labour participation, lifelong education, labour adaptability and mobility and social inclusion.
However, this is not a sufficient answer at this time of severe challenges, when the climate of crisis in Europe is affecting negatively, or even dramatically, the real economy, public finances, the labour market and the quality of life in Europe. To address the challenges revealed by the crisis, the Commission has launched several policy initiatives. To reinforce the stability of our financial system, the EU has agreed on a new architecture for financial regulation. This has been debated in Parliament. Secondly, to address the challenges to public finances and macroeconomic imbalances, the European Commission has proposed a comprehensive strengthening of economic governance in the European Union, the legislative package you referred to in your question.
The package includes, as you know, proposals to address excessive public debt more seriously than in the past by defining a satisfactory pace of debt reduction. It also proposes minimum requirements for national fiscal frameworks to ensure that they are in line with Treaty obligations as well as a monitoring system for macroeconomic imbalances such as large current account deficits or bubbles in the housing market. It underlines prevention and prudence to ensure better preparedness in times of economic downturn. To ensure the credibility of the new framework, the Commission is proposing a wide range of sanctions that should start kicking in at an early stage.
The philosophy behind the proposed legislation is that it should help Member States to follow disciplined policies and lay the basis for stable long-term growth performance, which is critical to the welfare of European citizens, while making an important contribution to the prevention of future crises.
Given the current economic situation it is really important to have this economic governance framework in place as soon as possible. As to the impact assessment, the government reforms were prepared by far-reaching analysis in the EMU@10 study in 2008. Also, in preparing and following up the Commission communications announcing the new governance structures of the so-called EU semester that were adopted in May and June 2010, the Commission discussed its proposal with many stakeholders alongside the European Parliament and the Council and promoted vigorous, broad-based debate of the issues. And of course, we was developed the proposals in the light of past performance and lessons learnt.
And what are the major lessons? The major lesson is that preventive action is much more valuable than imposing corrective sanctions on a state that is already in difficulties. Therefore our emphasis is on influencing positively the national policy mix responsible – and here is the real responsibility – for the trade-off between real economic revival and growth, and austerity and consolidation of public finances.
Europe needs both."@en1
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