Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-06-23-Speech-3-047"
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"en.20100623.9.3-047"2
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"Mr President, Mr Barroso, Mr Van Rompuy, you told us earlier that Europeans must be firm and united if they are to succeed at the G20, and that the European Union’s credibility on the international stage is at stake. However, what is at stake, above all, is the Union’s credibility in the eyes of its citizens, who expect it to be able to equip itself with credible instruments to exit the crisis.
Firstly, I expected the conclusions of the European Council of 17 June to treat EU budgetary discipline, macro-economic surveillance and the regulation of financial services equally. It has to be said that this was not the case.
Secondly, having clearly lacked internal solidarity in the face of the crisis, the European Union has a duty to lead the efforts to emerge from it. Let us be frank. Economic and monetary union is suffering from a structural fault, which creates an imbalance between monetary policy and economic policy, even though today, the euro accounts for 27% of the global reserves of central banks. That obliges the Member States and the Eurogroup to coordinate national economic policies. The euro must not be the symbol of high prices for our fellow citizens, and our duty today, at the end of these interim Councils, is no longer to simply reassure the markets. It is to reassure citizens of our ability to exit the crisis together.
Thirdly, the tougher stance on budgetary discipline, at this time of crisis, must not aggravate the recession. We want evidence, evidence that the 2020 strategy will actually be accompanied by financial resources that are sufficient to develop, but also guide, the economy towards the spending of the future, towards employment and towards solid and fertile investments. Presidents, we must hear the warning being expressed today in anger and soon in fear. Identified as it is with unfair liberalism, the European Union must not become the symbol of brutal austerity."@en1
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