Local view for "http://purl.org/linkedpolitics/eu/plenary/2014-09-17-Speech-3-034-000"
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"en.20140917.6.3-034-000"2
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"Mr President, I do not have the same pessimistic and negative view as the previous speaker in terms of the future of the euro. I believe that the euro will succeed and that what is essential at this particular time is to do two things for the eurozone economy, and especially for the 28 Member States of the European Union. We must stick to the targets we have set in terms of stabilising the eurozone system, and it is crucially important that we continue to reduce deficits no matter where they are across the system. I come from a country that has seen enormous reductions in the amount of available expenditure and increases in tax because of the financial crisis, yet in Ireland the GDP growth is at one of the highest levels across the eurozone system. So even countries that go through enormous adjustments can actually have a much more competitive and productive model of economic growth into the future, if that is pursued.
We need to do three things. Firstly, I believe it is crucially important that we continue to reduce tax on work within the European Union. It is a madness policy. If you have 11% unemployment and you continue to tax people out of existence, that makes no sense. Secondly, we need to get business lending going again. It is crucially important – in a situation in which investment has been reduced by 20% in Europe in the last five years, according to Mario Draghi – that we get business investment going again. In Ireland in the last quarter, 50% of businesses were declined business lending opportunity from banks. That has to change. Thirdly, I very much agree with the Commission proposal in terms of capital market unity right the way across Europe. It is very important that we get on with that task, Commissioner, ensuring that new funding opportunities are provided in non-bank ways.
I shall leave with one more remark. 60% of the new jobs created in the USA since the start of this crisis came from businesses that had not even been created before 2008. The future for the eurozone system and the future for Europe is based on strong development and growth."@en1
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