Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-06-12-Speech-2-052-000"
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"en.20120612.5.2-052-000"2
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"Mr President, ladies and gentlemen, these two regulations are much needed. They provide a legal basis for work that the Commission, in fact, is already doing, when it takes part in the troika in countries that are, as we say, ‘under a programme’, or when it works with Member States in the context of their budgetary procedures. I think it is better to work within a legal framework than outside one and, in that respect, these two regulations are needed.
Therefore, please stop saying that we are bleeding ourselves dry for all those people in southern Europe. At the moment, it is a lucrative process for the net contributor countries.
Secondly, I must highlight the fact that the rapporteurs have really worked in a spirit of inclusiveness, and I hope that will be demonstrated by an overwhelming vote in favour tomorrow.
I should now like to reply particularly to Ms Thyssen, perhaps. Yes, it is true that we need sustainable public finances. We cannot build ourselves a future on deficits and debt. That is very clear. There should be no doubt about that. That is what was said in the ‘six-pack’ and it is being said again in the ‘two-pack’, but it cannot be the be-all and end-all of our policy.
In other words, what we also need – in addition to that and not instead of it, of course – is a way to mutualise the debt that allows us to have interest rates that make the debt sustainable.
Even more importantly, we also need fiscal convergence to ensure not only that spending is sustainable, but also that revenues are sufficient to cover this spending.
Lastly, we need to invest, invest and invest again so we can restructure our economy.
That, Ms Thyssen, is what we wanted to introduce with the ‘two-pack’. Rome was not built in a day, of course, but even so we cannot keep saying that discipline is what we need right now and everything else will follow on later. We have to put rules of budgetary discipline in place today – and, in fact, they were brought in a year ago now. We have to start putting debt mutualisation in place today. We have to start putting fiscal convergence in place today. We should already have started investing in our future yesterday. We cannot, therefore, keep on saying we want discipline right away and everything else will follow on eventually.
Telling us that we are trying to bring it in through the back door is nonsense! These measures have been needed for two years, and we have not yet begun to put them into practice. That is why I should like us to make a start.
Finally, I should like to reply to those who say that all that will cost the net contributor countries money. I should like to remind them, actually, that today the net contributor countries – and my country is one of them – ‘lend’ money and do not ‘give’ it. They receive interest on these loans, and I would add that countries such as Germany now have investors pay them to invest their money. Their interest rates are negative.
reckons that Germany now benefits to the tune of EUR 45-65 billion. That is immediate profit, so the cost to Germany would only be a cost if some of the loans taken out were not repaid."@en1
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"Bremer Landesbank"1
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