Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-02-15-Speech-3-022-000"
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"en.20120215.4.3-022-000"2
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"Mr President, ladies and gentlemen, the European Council spring summit is traditionally devoted to discussing the economic and employment policies of the European Union, more recently in connection with the so-called European Semester. This year, however, the debate is likely to be overshadowed by the dramatic situation in Greece. Greece is the ideal example on which to base a discussion about the failure of the economic and financial policies of the European Union. The predominant global policy of deregulation and privatisation has plunged the European Union into the most serious crisis it has ever experienced. As a result of this policy of deregulation, the global financial markets and also the commodity markets have got completely out of control or, more accurately, have fallen victim to speculators. The Greek crisis is also a result of EU policy, because the existing macro-economic imbalances between the Member States will be significantly exacerbated by the Europe 2020 strategy. These imbalances are what the financial speculators are now gambling on.
It is not only Greece which is fighting for survival. A policy which has had such disastrous consequences in Greece and in other countries, such as Portugal, Spain and Italy, needs fundamental changes. In fact, it must be reversed. Austerity measures are making the economic recession worse, as the fall in the gross domestic product figures of these countries has shown so dramatically. My group was strongly opposed to the Europe 2020 strategy and the imposition of one-sided austerity and debt reduction policies right from the outset. Instead, we need programmes to stimulate sustainable growth and to create jobs, together with programmes for investment, for the environment and for education.
A policy which involves axing social services, abolishing social legislation and restricting fundamental democratic and parliamentary rights, while at the same time supporting the banks to the tune of hundreds of billions of euro, can only lead to outrage and social unrest. The Greek Government is losing its political base, the parties which belong to it are losing their members and the structure of society is collapsing. This is the result of Greek and European policy and it requires a fundamental change in the EU’s approach in favour of one which serves the interests of the people rather than those of the banks.
One scenario could begin with the financial markets. Let us imagine that the European Central Bank (ECB) could lend money directly to the Member States via a public bank. This would enable the Member States to circumvent the international financial markets and to obtain the loans they need at favourable interest rates. No one could gamble on Greek, Portuguese or other bonds. All of the hype surrounding the markets would disappear. Does that sound appealing? All we need is the determination to take this step, and this is what my group is calling for."@en1
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