Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-06-08-Speech-3-305"
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"en.20050608.21.3-305"2
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"Mr President, since we are speaking of steering the European economy, I cannot resist making the following observation: by bringing the euro closer to the dollar, the combined efforts of the citizens of France and the Netherlands will have done more, in the space of a few days, to make European exports more competitive than anything the European Central Bank has done. I would therefore like to pay tribute to the effectiveness of Europe’s citizens rather than the certainties of the central bankers.
The March Council’s decision to reform the Stability and Growth Pact – a decision largely inspired by yourself, Mr Almunia – is a step in the right direction. It is not enough, however, to reassure people that the European Union is capable of adopting a strategy that will bring lasting revival to the economy. We cannot separate the debate on the future of the Stability and Growth Pact and hence on the coordination of economic and budgetary policies from the debate on the financial perspectives. How can you cut the Member States’ deficits unless, in return, the European Union gives itself the budgetary resources to guarantee social cohesion and revive the European economy?
Personally, I do not believe that budget austerity in the Member States combined with budget inertia in the Union is the answer to the twin challenges of growth and employment. I would therefore like to say that it is now time, at the stage we have now reached, to speak about increasing and diversifying the Union’s resources, even if that means amending the Treaties to allow the Union to take out the loans and raise the European tax that our current economic and political crisis demands."@en1
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