Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-07-02-Speech-3-038"
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"en.20030702.1.3-038"2
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"Mr President, the Italian Presidency is proposing economic policy initiatives that are interesting and disconcerting at one and the same time. In fact, the Italian Government seems to be practising a
or ‘hot ice’, strategy. It talks in riddles. The Stability and Growth Pact should thus become both stronger and more flexible at the same time. There is talk of a ‘Maastricht of pensions’, a slogan that, at first sight, is devoid of meaning.
President Berlusconi has just invited us to reflect upon the durability of European social welfare. The Group of the Party of European Socialists is fully aware of the problems at present posed by the contract between the generations. The fortunate increase in life expectancy, together with shorter working lives, have led to a decrease in the number of people actively employed, as compared with the number of retired people. That obviously presents a problem of funding for the public systems operating on a distribution basis. It may be seen, however, how private pension funds operating on a capitalisation basis experience similar problems. In the United States, the United Kingdom and elsewhere, pension funds are accumulating losses and experiencing serious liquidity problems. Everywhere, companies are converting the basis of their pensions funds from one of defined benefits to one of defined contributions. In other words, employees know what they have to pay but are no longer aware of the money to which they will be entitled once they have reached retirement age. Does not this ‘Maastricht of pensions’ conceal a desire to reduce the public commitment where pensions are concerned? The Presidency must clarify its real intentions in this matter as quickly as possible. The PSE Group will not, at any event, accept a pensions Waterloo.
The proposals by the minister, Mr Tremonti, in favour of trans-European transport systems comply with a political priority defended by my group for years. As the concept is not very clear and as the funding is by no means assured, it is difficult, however, to see what might be the impact upon the European economic situation of bringing about future trans-European networks.
As President Ciampi said – and I shall conclude at this point – there will be no stability without growth and no growth without stability. Growth and stability are the two motors that will enable the European economy to move forward."@en1
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