Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-10-21-Speech-2-112"
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"en.20081021.7.2-112"2
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".
Madam President, I have four points to make in five minutes. Firstly, Europe has responded, finally united. We had not begun ‘united’, but we responded in unison in the meetings of the Eurogroup and of the European Council, and we must continue to do so. That is the message that, I believe, everyone endorses. A union that moves from coordinating aid packages to coordinating banking systems. It is absolutely necessary to coordinate such systems at European level so as not to create problems in certain countries. A union in Europe designed for the global governance of the monetary and financial system. That is something that has been repeated here several times, indeed many times, at Council level. Where a number of Member States are concerned, moreover, it is a new message that must not be forgotten next week.
Secondly, I completely agree – and this is something that the President of the Commission and the President-in-Office of the Council said – that, in order to tackle a new phase of better regulation of the financial system at European level, Europe must, for the next few years, play a leadership role at global level where such regulation is concerned. I completely agree with those of you who have resolutely supported supervision that is institutionalised, and not just coordinated, at European level.
Thirdly, I entirely agree with those of you who have talked of the necessity of adapting the national reform programmes and the Lisbon strategies to the challenges of today’s and tomorrow’s real economy. Moreover, this is work that is in progress and that the Commission will present, to both you and the Council, in December. Furthermore, it is necessary, where this new dimension and this adaptation of the Lisbon Strategy are concerned, to take account of the industrial fabric and, in particular, of small and medium-sized enterprises, which are the main victims of the lack of credit brought about by the crisis in the banking system.
Finally, the budget. It is necessary, of course, to use the budget and the national budgets without creating sustainability problems for the future. Instead, the margins for manoeuvre in fiscal and budgetary policy should be used, and this within the framework of the Stability and Growth Pact revised in 2005. There is a lot of room for flexibility, but there is also the need – and you, with the Council, are the budgetary authority—to begin to conceive of the European budget. That too, moreover, is the subject for a real debate."@en1
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