Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-07-02-Speech-1-223-000"
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"en.20120702.25.1-223-000"2
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"Mr President, decisions adopted by recent European Councils have placed particular emphasis on growth as a way out of the fiscal and economic crisis. Growth is the basic remedy. It will create wealth and jobs. It will improve the competitiveness of the Union and boost economic and regional convergence. That growth will be generated primarily by business initiative and investment. That is the subject of this evening’s debate: how the European Union can attract foreign investment, boost entrepreneurship in Europe and encourage Europeans to invest.
I should like to extend my warmest thanks to the members of the Committee on Economic and Monetary Affairs for their valuable input to my report and to colleagues from other committees for their opinions and very pertinent comments and proposals.
Despite the relatively recent reversal, the European Union is still the largest investment destination in the world. However, given the inherent risks, due to the fiscal crisis which is depriving us of investment funds, on the one hand, and new, emerging competitive investment destinations, on the other, we need to take action to protect the position and potential of the Union.
We need to take simultaneous action at European, national and local level, primarily to establish fiscal and monetary stability and restore the confidence of international markets and European investors and consumers. We need to protect our banking system, so that it can inject the liquidity into the market which is vital for investment.
The European Union must invest in its strengths. We need public and private investment in infrastructure and well-targeted social investments in order to develop the human capital that is one of the Union’s basic strengths. We need to strengthen the single market and cross-border cooperation and modernise the public procurement market. We need to develop the trans-European networks and exploit the Structural Funds in order to attract investment to all regions, depending on their comparative strengths.
At international level, the Union must continue to negotiate multilateral and bilateral trade agreements, which benefit trade and investment and the Union’s international position. It must also help at international level, as it is already doing in financial supervision, with the imposition of a financial transaction tax. All this will defend the competitiveness of, and attract investment to, the Union and help to combat taxation and macro-economic imbalances, in order to achieve international economic stability that will generate growth in the Union.
We therefore call for investments to be a horizontal element in all Union policies and within the EU 2020 strategy. We call for an EU investment strategy and for a communication, Commissioner, with indicators and parameters in line with OECD parameters, to highlight strengths and weaknesses and help us decide on the targeted interventions that we need. We must not overlook the fact that the development of the European bond markets is, to a large extent, dependent on the broadening of the investment base.
It is important to emphasise that investment policy must also be a basic instrument in combating fiscal, economic and social disparities between north and south. One innovative proposal is to create an investment observatory within the European Commission to monitor trends and developments in attracting investments and the impact of investments and to propose policies to boost investments in the Member States and promote the Union as an investment destination in the modern world."@en1
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