Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-04-18-Speech-3-379-000"
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"en.20120418.21.3-379-000"2
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"Mr President, Mr Barroso, ladies and gentlemen, I subscribe to your opinion that the highly indebted countries will only be able to extract themselves from their predicament through a combination of growth and austerity. Some of what you propose – such as European Investment Bank (EIB) financed infrastructure projects – could indeed make them more competitive and thus contribute to growth.
However, much of what you say reminds me of what Christine Lagarde of the International Monetary Fund is proposing – namely, taking on more debt in order to stimulate growth. At the end of the day, such additional financial injections would be just a flash in the pan, and there would be nothing to show for it afterwards other than even higher levels of debt, even higher unemployment and even higher inflation. We experienced that in Germany in the 1970s, when Helmut Schmidt tried precisely that. What we are dealing with is not a cyclical problem, but rather a structural weakness. If we are to overcome it, we need courageous structural reforms. Unfortunately, we are seeing little of that in the countries concerned. We need to complete the internal market, including the services sector. We need to open up protected markets, we need to make the labour market more flexible and we need to get rid of red tape. All that can happen without taking any more money, and it would still lead to growth."@en1
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