Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-06-12-Speech-2-031-000"
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"en.20120612.5.2-031-000"2
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"Mr President, the ‘six-pack’ was officially published in the Official Journal on 23 November 2011, the same day on which the Commission published the ‘two-pack’. The ‘two-pack’ is yet another initiative to strengthen the budgetary discipline of the euro area Member States. Now, following the economic governance ‘six-pack’, the conditions have been created for strengthened surveillance of these countries, even before they request help, their budgetary targets have been reinforced and the budgetary timelines have been coordinated. Budgetary discipline has been the start and end point of the Commission’s legislative initiative, with jobs, workers and salaries being the adjustment variable. This ignores the basic fact that if all of the economies in an internal market, including those with surpluses, are forced to practise austerity, the market ends up inexorably contracting. All countries are trying to export to markets that are closing, competing by squeezing salaries, the only variable selected for this purpose. Local demand disappears and, under these conditions, unemployment spreads. Rising unemployment and the loss of tax receipts make the intended rebalancing of the public finances impossible and government debt is left entirely at the mercy of those running the financial markets.
The ‘two-pack’ legislative initiative was developed in this context, precisely when the fourth EU economy was beginning to show its weakness. As the representatives of our citizens, we can no longer colegislate on initiatives that focus solely on discipline and austerity. The initiatives have to be adjusted and rebalanced. It is therefore essential that improvements made to the legislation are strongly approved and strongly endorsed. They ensure balance between the short-term objectives and the medium-term requirements to correct the imbalances.
There is greater respect for national democracy in setting national budgets and the need for coordination between Member States is recognised, but there is also respect for social consultation at a national level. In addition, it is also essential for the Commission, as soon as possible, to produce the road map for the only possible firebreak with which to moderate sovereign debt; that is, to jointly manage the debt above 60% through a medium- and long-term fund, to provide some degree of coordination for the short-term management of the bonds for this debt and to produce a road map to achieve the effective and definitive constitution of eurobonds.
At the same time, it is essential that the internal demand obstacle and the lack of European stabilising instruments are overcome and, for this purpose, an instrument of 1% of GDP over 10 years is proposed precisely to fill this void. Thirdly, it is fundamental when evaluating deficit levels, debt and the imposition of rules for budgetary rebalancing to protect the strategic investment that enables countries to overcome structural weaknesses.
We have come ready to work, to work intensely to build consensus, as our Economic and Monetary Affairs Committee and this plenary are mandated to do. This consensus requires sacrifice and compromise, whether within each political group or between different political groups, but we are confident that the vote tomorrow will strongly reinforce the position of this Parliament, which represents our citizens, and that it will allow them to play a constructive role in overcoming the crisis that we are going through."@en1
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