Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-07-03-Speech-2-214"
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"en.20010703.10.2-214"2
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"Mr President, today, we are, in fact, disregarding the three countries that have already realised their pension systems, to address the Member States with predominantly
systems. Out of anxiety about this Directive, France has even, in great haste, included a few small pension funds in the first pillar. In the corridors, it appears that Member States know very well that their pensions are not sustainable. But with the elections just around the corner, the P-word has become taboo. However, their citizens have known for a long time what the score is.
The UK, the Netherlands and Ireland consider the events that are unfolding in countries such as Germany, France and Italy with suspicion. According to the Treaty, we do not carry each other’s debts. A naïve thought. If three major Member States, due to huge budget shortages, lay claim to the lion’s share of the capital market, the interest rate will increase accordingly in the three Member States that have provided for old age, simply on the basis of the law of scarcity. Inflation will rise, our carefully saved pensions will melt away quickly, and in so far as they are welfare- and inflation-proof, they will get us into major difficulty.
Government leaders have put pensions on their agendas. Member States have followed suit and monitored each other. That is anything but sufficient. We must be far more critical of Member States which do not make sufficient provision within their national debts and budgets for dealing with demographic problems. Those problems will not only affect pensions, but will also dominate labour markets and the health and building sectors.
Commissioner, I should like to ask you how long it will be before the generation of Europeans that work where work exists can have portable pensions? It is precisely those people that we need in order to moderate wages in the euro zone and maintain our export position accordingly. We must not penalise but reward these people for their mobility. Help has now been given to financial markets. All that remains is to help the people. What are your plans in that connection?"@en1
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