Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-16-Speech-3-059-000"
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"en.20111116.5.3-059-000"2
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"Mr President, first of all can I make just three points? Is it good governance that states and multinational institutions dance to the tune of powerful unelected wealthy secret figures?
The role of rating agencies, with a precarious history of triple-A rating products, including subprime property, comes to mind. So-called free markets appear to be open to manipulation by powerful interests that can even target countries in the euro area and beyond: we have seen sterling in the past, and we may see the yen in the future.
It is right that countries should behave responsibility and ethically, but it is also right that public service institutions serve the public interest and equip themselves to address manipulation and reckless greed. I invite the President of the Commission to reflect on this matter.
In the time available let me make two other points. First of all, I support what President Barroso said in relation to intergovernmentalism. I come from a small Member State; we suffer most when intergovernmentalism is at its best. When things are set down in the Treaties it is best for small Member States, it is best indeed for the Union, because we are not then at the whim of a particular leader in a particular Member State.
The third point I want to make is in relation to growth, and a point made recently by the former British Prime Minister Gordon Brown. He said that the IMF has said that, if there were a global growth pact to increase consumer spending in Asia and infrastructure spending in the West, the world economy would grow much faster, and 25 to 50 million jobs would be created.
He then asked, in relation to the good governance of Europe, who in Europe had the capacity to deal with this. The answer is: none of the Presidents here present. Apparently the real power to do this lies with the President of the French Republic, who happens be in the chairmanship of the G22. But we need to start thinking in terms of what the IMF has said: we are too small in our thinking, we need to be bigger in our thinking in relation to growth."@en1
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