Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-24-Speech-1-220-000"
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"en.20111024.20.1-220-000"2
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"Madam President, we stand before a number of crucial meetings for the European economy as well as for the global economy: this week, the European Council, and next week, the G20 meeting in Cannes.
In the report, we underline the need for the European Union to be able to speak with a strong voice, and we underline the need for the European Union to contribute to strong global governance and strong global leadership and to make sure that we are adapting international global institutions to the realities of today.
This report aims to present the European Parliament’s position ahead of the G20 meeting. It is a meeting that will take place at a time of severe and difficult economic times all over the world, not least in our part of the world.
It is also a meeting that will deal with the fact that the world economy is characterised by imbalances that can easily be described as countries with surpluses and those with deficits. But, behind that, lies the fact that we have a number of emerging economies that have contributed to changing the global economy and have defeated poverty in large areas of the world.
However, there are still a number of countries in poverty who need more growth and more opportunities. We can see the fact that currency policies in some major economies are contributing to the imbalances. We can see that the lack of competitiveness in a number of other countries is also adding to this. We need to achieve a balance at global level, and that requires global governance and proper institutions.
First of all, I think we need to be aware of the fact that in countries and regions with a lack of competitiveness, we need new policies and reforms. But, at the same time, we need to ensure that we have a flow of trade with these emerging economies which are currently protecting themselves with artificial currency policies.
The report has very broad support in the Committee on Economic and Monetary Affairs, and I would like to forward my thanks to the shadow rapporteurs, who have made broad compromises possible. We underline the need to tackle structural misalignments and thereby the prime causes of the current imbalances.
We need to ensure that we have responsible monetary policies at global level, and we need to achieve currency policies that are convertible and open up more trade possibilities between the countries with surpluses and those with deficits.
But it is also important to look at the institutional set-up. The more we want global governance, the more need there is for accountability, transparency and legitimate institutions.
We think it goes without saying that the G20 is one of the most important structures. But it is also important that we achieve more global participation, better implementation of decisions and a higher level of transparency. Here, we also underline the importance of the IMF and the WTO because, within a better structure, decisions and discussions in the G20 can also achieve legitimacy and transparency by being implemented in the IMF."@en1
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