Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-22-Speech-3-180-000"

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"Mr President, ladies and gentlemen, we, too, call for economic governance in our programme for the European elections in 2009. However, the ideas that we on the left have of economic governance differ from those contained in the economic governance package that is currently on the table. For us, economic governance means laying down clear rules for the economy and setting boundaries. For example, we feel that this means banning wage dumping and tax dumping, or setting minimum standards to stop competition being distorted on the labour market. Naturally, for us economic governance also means effective regulation of the financial markets. None of this is to be found in the economic governance package. Instead, the current version of the package gives one the impression that it has come about mainly as a result of the pressure exerted by the credit rating agencies on the euro states of southern Europe. As can already be seen from the examples of Greece, Portugal and Spain, it establishes a radical austerity policy which has consequences that are hard to predict for the future of the European project as a whole. This radical austerity policy is currently driving citizens of Greece, of Portugal and of Spain, but also those of northern European countries, back into an ill-judged nationalism that we thought had long since been vanquished in Europe. The much-needed improvements on the Commission’s original proposals that were elaborated in the Committee on Economic and Monetary Affairs and voted through there – particularly in Mrs Ferreira’s report – have been largely removed again and toned down under pressure from the Council. In our view, the removal of the delegated legal acts from the Ferreira report is entirely unacceptable. As a result, the European Parliament no longer has any influence over how macroeconomic imbalances are dealt with. This is reserved for the Commission. It bears little resemblance to democracy, and still less to a social Europe that is equipped to face the future. In our view, the economic governance package – at least in its present form – is the wrong answer to the crisis with which we are dealing. That is why we will not be supporting the package in its present form."@en1
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