Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-23-Speech-4-422-000"
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"en.20110623.37.4-422-000"2
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"Labour Euro MPs are fundamentally opposed to the current, austerity-only, direction of the economic governance package. Improved coordination on economic and fiscal policy, particularly within the Eurozone, would be good for Europe's long term economic growth but must be based on the right rules. The text negotiated by the right wing majorities in Parliament, Council and the Commission puts too much emphasis on short term, severe cuts to deficits, not long term growth. These rules would be imposed across the European Union, removing the flexibility for national governments to respond with different policies in the future. Long term growth keeps debt falling as a proportion of GDP, and is essential to providing jobs and economic well-being and funding high quality public services. To ensure this package supports economic growth, investment spending must be protected. Investment in scientific research, vital infrastructure and the new green economy is crucial to long term growth and should never be cut back to meet short term EU targets. Cutting such spending in times of recession would also worsen an economic downturn. Labour Euro MPs support the improvements secured to the Commission proposal on macroeconomic imbalances in the Ferreira report, which uphold workers' rights and the importance of a comprehensive assessment of economic performance, including employment."@en1
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