Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-12-03-Speech-3-097"
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"en.20081203.13.3-097"2
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"Mr President, we have heard quite a lot about coordination, but I am beginning to wonder whether coordination is any longer sufficient, whether we need to move to solidarity rather than just coordination because the crisis has moved from just being banks, which is bad enough, to being a crisis of countries. Just as the coordination has justifiably moved up from national to European to global levels, perhaps we now need to consider whether more solidarity is necessary. I would ask the Commission and the Council whether they are indeed addressing the issue of the global institutions, as the oral question specifically requests about the International Monetary Fund, or alternative institutions that might perform the solidarity role on a global basis.
My second question would be to do with the type of stimulus we should be looking for in fiscal stimulus, if that is indeed the preferred route. Should value added tax be the route and should it allow for reduced rates of value added tax from the high or middle rate down to the lower rate in certain areas – and what are we doing about that? And is it not much better to have it concentrated in that way rather than spread widely on a much lower reduction level?
Regulation: we hear a lot, especially from our leftward-leaning friends, that we must have more and more regulation, destroy the hedge funds and private equity, credit rating agencies and so forth. However, can I just urge the Commission and the Council to consider the following? We must wait, we must think hard and carefully and we must at all costs avoid unintended consequences. If new regulation is justified – and it may be – it must be the right regulation and it must not turn out to be an impediment to recovery and prevent or delay that recovery. In some ways I would really like to give Mr McCreevy support for his measured reaction to the problems and not condemn him, as many of our colleagues seem to wish to do.
Lastly, public finances. The stability and growth pact affects both euro countries and non-euro countries. If temporary excess deficits are justified – and that is a big if – they must be temporary, they must be recuperable to a realistic schedule and, if some countries can afford the debt but others cannot, then surely we return to this question of mutual solidarity. I would ask the Commission and the Council to tell me what they consider realistic schedules for dealing with this issue."@en1
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