Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-11-18-Speech-2-427"
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"en.20081118.33.2-427"2
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"Mr President, the proposal concerning amending the Regulation on assistance for Member States which are not part of the euro area, in order to increase the ceiling from EUR 12 to 25 billion, if they are hit by grave payment difficulties, has been made at the last moment.
The primary requirement for ensuring that these
measures work is that the EU does not make the same mistakes as the International Monetary Fund (IMF) with respect to counter demands. At the IMF, Mr Strauss-Kahn alone is not a guarantee of a sensible policy. We know the shock therapies used for countries devastated by crises in the old neo-liberal style only too well.
We also know those who have previously profited from this only too well. I hope that better, more sustainable stability will be achieved using the EU tool, based on the example of Hungary. Hungary shows us in particular that the EU has to realise that it was the conservative opposition that obstructed Hungary’s premier with respect to stability and reform measures. The stability of Hungary will certainly not be achieved by curbing social expenditure alone, social expenditure which is actually not too high anyway; this will only help the anti-European right-wing populists. Yes, Hungary has been put under pressure, especially due to the rapid depreciation of the forint, which hedge funds have been partially responsible for.
In the case of Iceland, the IMF has demonstrated that it is still enforcing shock therapies, for example by imposing high base interest rates to the detriment of the national economy concerned, in this case the national economy of Iceland. Commissioner, please take into account that I do not want my neighbour Hungary to be plummeted into social conflict due to corrective measures such as this based on counter demands. Hungary needs confidence-building, supportive action from the European Union, which, after all, will help not only Hungary but all of us."@en1
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