Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-14-Speech-3-058-000"
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"en.20110914.3.3-058-000"2
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"Mr President, honourable Members, let me first of all thank you on our behalf for a very substantive and responsible debate which reflects the depth of the current crisis and the concerns we have about its consequences for ordinary citizens in Europe.
There is an active debate on EU economic governance and there definitely is a need to rethink our institutional structures. There are also currently high expectations of how eurobonds could help solve the debt crisis by pooling the debt issuance of euro area Member States. To my mind it is clear that eurobonds, in whatever form they might be introduced, would have to be accompanied by substantially reinforced fiscal surveillance and economic policy coordination as an essential counterpart, so as to avoid moral hazard and to ensure sustainable public finances. Of course this would have implications for the fiscal sovereignty of Member States, which calls for a substantive debate in the euro area Member States to see if they would be ready to accept this.
Finally, in the very short term, yet another plea and I trust this is the very final plea on this issue. In the very short term, the conclusion of the legislative package on EU economic governance is the crucial step forward in strengthening fiscal surveillance and reinforcing the surveillance of macroeconomic imbalances, and here I look both to the Council and to Parliament. We need urgent approval of the six-pack by the end of this month; let us vote on 28 September please. I mean you vote; I witness and I endorse with all my spirit and sympathy. Urgent approval of the six-pack is not only important in its own right; it is a necessary foundation for any further progress in economic governance. President Barroso will deliver his State of the Union speech here in Strasbourg at the next plenary session, where he will outline the Commission’s proposals on how to further develop the economic governance of the euro area and of the Union.
So to conclude: what we need now is to implement the decisions to reinforce economic governance and our instruments for ensuring financial stability in order to safeguard financial stability and economic growth and job creation, to consistently continue to improve public finances and undertake reforms that can boost economic growth and job creation, and to conclude the six-pack in order to create the foundations for a real economic union and thus move to the next stage in economic integration towards a deeper economic and political integration.
What we are seeing is that the real economy, growth and employment are now under extreme pressure from the negative ramifications stemming from the continued market turbulence related to the sovereign debt crisis. Therefore, the necessary condition to protect economic growth and job creation – economic recovery – is to contain the turbulence and reinforce our economic governance, to create solid foundations for the continuation of the recovery, sustainable growth and job creation.
Some of you have criticised the EU’s response to the crisis as too slow and ineffective and then pointed the finger at the Commission. Frankly, that misses the target For instance, when we talk about eurobonds, already at the critical meeting of 9 and 10 May 2010 we proposed the European Financial Stability Mechanism that would be operated by joint and several guarantees. However, this was rejected by Member States in the Council because for them they resembled eurobonds too much.
Moreover, concerning the reform and reinforcement of the European Financial Stability Facility, we proposed that in our annual growth survey on 12 January. President Barroso reinforced the message and called for the conclusion of that work by the summit in early February. And where are we now? We are, I trust, finally carrying out this operation, getting the reformed, reinforced and more flexible EFSF operational as of October onwards.
So, it is the excess of intergovernmentalism and the deficit of the Community method that is hampering our actions, and that is the real problem in terms of EU economic governance. Let us be honest about this; let us be frank and open about this. Therefore, I agree with all those of you who have said that deeper economic integration and policy coordination is one key remedy to the crisis. Certainly not the only one – no silver bullet – but a necessary condition for the solution of the crisis.
We must be able to decide more quickly and more effectively and we must be much better in the implementation of our decisions in the European Union. The current institutional structures are not sufficient to tackle the challenges we are currently facing. As President Barroso said, we need
and that moment must start today.
This calls for a very thorough public debate in our Member States and in this context I dare to say that the European Parliament is the institution and you, as representatives of our citizens as Members of the European Parliament, are the representatives who have a major responsibility and a major opportunity to pursue this debate, stimulate this debate and participate in this debate, as you have a very special democratic interface with the European citizens.
In the immediate short term let me underline the importance of implementation of the decisions of the eurozone summit. I cannot stress enough the importance of swift implementation of the decisions taken. Especially by increasing the flexibility and effectiveness of the EFSF and the ESM, we can act earlier and more effectively to ensure financial stability in Europe. Therefore, ratification of the agreed reform of the EFSF in the Member States is a very clear and urgent priority. Moreover, rapid implementation of the decisions is essential for addressing the debt crisis and restoring confidence in our economies and therefore I expect that the Euro Group meeting this Friday in Wroclaw will overcome the remaining hurdles and get the job finally done.
On Greece, let me say a word to those suggesting that Greece would be better off outside the Europe. I very strongly disagree. Neither Greece nor the eurozone would be better off. Whatever way you look at it, it is absolutely certain that a default and/or exit of Greece from the eurozone would carry dramatic economic, social and political costs, not only for Greece but also for all other euro area Member States and EU Member States, as well as for our global partners."@en1
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