Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-04-05-Speech-2-036-000"
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"en.20110405.3.2-036-000"2
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"Madam President, ladies and gentlemen, there is no doubt that the establishment of a permanent stability mechanism is an important achievement that provides the foundations for the political commitment to defend the euro at all costs. Therefore, despite not inconsiderable reservations about the methods and intergovernmental nature of the fund, Parliament supported this watershed moment and has focused on ensuring a solid link between the European Stability Mechanism (ESM) and the EU Institutions.
In this vein, the reference in the European Council’s conclusions to a regulation establishing the procedures to define the conditional requirements is important and we now expect the Commission to come up with a suitable proposal.
Even though this is a positive result, it is difficult to consider it adequate. The problem is the basic direction of European economic governance. We persist in treating the symptoms of the illness instead of its causes. Deficits are the effect and not the cause of the crisis. Thinking that we can cure the illness by limiting ourselves to cutting deficits with one hand and refinancing banks with the other is sheer make-believe: it risks deepening the crisis and making the very task of the permanent stability mechanism unsustainable.
If we want to treat the illness and not merely the symptoms, then we need to tackle a number of basic problems. We talk about strengthening European competitiveness. Rightly so, but which model of competitiveness are we pursuing? We cannot bring in a model for recovery driven solely by exports to third countries, because this will accentuate imbalances. In order to be more competitive in external trade, we also need to stimulate high-quality internal demand.
We must therefore deal with the issue of the banks and the system for providing credit to the economy in order to direct European savings toward long-term investments. We need to equip ourselves with instruments such as Eurobonds, the tax on financial transactions and a budget worthy of the name, in order to make large-scale public investment at a European level that can provide a kick-start for private investment. Finally, we need to think of the European social model as a resource instead of a burden."@en1
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