Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-28-Speech-3-222-000"

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"Along with a large majority of socialists, I voted against the ‘economic governance’ package. Budgetary discipline is simply necessary. The Member States must accept being subject to control and, in the event of overspending, being called to order. However, I am against what are called ‘automatic’ sanctions, taken at the level of senior civil servants, be they Commissioners. Those elected by the people, Members of Parliament and Ministers should face up to their responsibilities. That is called democracy. What is more, I do not believe that the markets will be impressed by the economic ‘six pack’. Most traders’ mindset is so limited by financial greed that an economic ‘six pack’ would at best make them think of six cans of beer. Instead of self-flagellating on its fiscal policy, the European Union should put pressure on the markets by imposing restrictions on speculative transactions and by imposing transparency in all financial transactions."@en1

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