Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-05-26-Speech-4-185"

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". We voted against the report in light of its obsession with deficit and the Stability and Growth Pact, whereas the problem that we face is economic rather than financial. It overlooks the fact that our problem is one of demand, which requires increased buying power and in turn higher salaries. It overlooks the fact that we have a genuine economic problem, and that what we therefore need is greater support for manufacturing. We must also, as a matter of urgency, make use of safeguard clauses for the textile sector, thereby saving thousands of businesses from closure and preventing unemployment from spiralling out of control. We must also, at the earliest opportunity, carry out a thorough-going impact assessment on economic and monetary union and the rise in the value of the euro in terms of the European economy’s loss of competitiveness, and in terms of economic and social cohesion. What is needed is the courage to scrap the Stability and Growth Pact and replace it with a Growth and Employment Pact, with the accent placed on investment in manufacturing and social progress. The EU must undergo a radical change of policy and direction."@en1

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