Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-02-01-Speech-3-038-000"
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"en.20120201.12.3-038-000"2
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"Mr President, I would firstly like to welcome the fiscal compact. In fact it comes 10 years too late. A monetary union needs budgetary underpinning, without which it will crumble.
But the long-term objective does not solve short-term problems. Greece will not recover in the euro area, Portugal is a cliff-hanger, and Italy, Spain and France lost their competitiveness years ago, partly because of the euro. Transfers will not cure the loss of competitiveness. Nor will increased taxation, as Mr Sarkozy thinks. Every time he appears on television he proposes a new tax. I wonder why French socialists still need a presidential candidate because Mr Sarkozy is turning socialist by the day.
Now we also have a Brussels-based budget tsar. Mr Rehn is from a country that once lived under tsarist rule. He knows all about it, but in the end Moscow never succeeded in imposing policies on neighbouring states like the one of budget tsar Mr Rehn.
Mr Barroso, this is an important historic lesson to keep in mind – but Mr Barroso has gone."@en1
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