Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-04-19-Speech-4-165-000"
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"en.20120419.15.4-165-000"2
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"Mr President, I would like to lodge this explanation of vote on behalf of the British Conservative delegation in the European Parliament.
Greece and those countries subject to the EFSM are not going to face an easy task exiting from the crisis. Naturally we would wish to support measures which would have a meaningful and long-term impact in terms of increasing the competitiveness of their economies through targeted structural reforms to sclerotic labour markets.
This proposal, whilst well meaning, does not address the underlining economic and financial difficulties in these countries and could possibly make the situation worse. In this period of austerity, taxpayers’ money must be well spent and we must seek to contribute to the employment and growth which will drive the EU out of crisis. Yet this top-down proposal has received only a lukewarm reception in those very Member States it seeks to support. Moreover, it is openly doubted whether some of the proposed projects to benefit from this scheme would pass the necessary EIB due diligence requirements before the risk-sharing instruments could be created. Whilst the proposal now contains a budgetary ceiling, it is still of great concern that public money will be used as the first loss in case of the failure of any other projects planned.
This continues. I will lodge the rest of it in writing."@en1
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