Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-02-16-Speech-3-311-000"
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"en.20110216.11.3-311-000"2
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"Despite the constant references to the principle of subsidiarity, it is very much a case here of laying the foundations for the harmonisation of pension systems in the European Union, if not in terms of the level of pensions, then at least in terms of their structure. How can we believe, in your ultraliberal and internationalist Europe, that such harmonisation can be anything other than an encouragement to take out individual insurance with private companies? A potential market of hundreds of billions of euros. At the same time, pensions paid under the first pillar – public, compulsory and pay-as-you-go pensions – will be whittled away as a result of the Stability and Growth Pact, and tomorrow as a result of Mrs Merkel’s pact. The occupational pension funds that one would like to see developed are still pension funds, and we know what part they played in the global financial meltdown. We also know what they are good for during a financial crisis: ruining savers. One cannot but worry about the pathetic prudential regulations to which they are subject, even in Europe. The social security system as a whole, and the pension system in particular, is the responsibility of the Member States alone. The problem that needs to be resolved is not just financial, it is demographic, too. The European Union, which has a serious responsibility where these matters are concerned, is by no means the appropriate level at which to address them."@en1
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