Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-12-03-Speech-3-102"
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"en.20081203.13.3-102"2
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"Mr President, I welcome the work which the Member States, the Council and the Commission are doing in dealing with this difficult issue. Many of my colleagues have already dealt in detail with the action that is required. However, at this time Member States should not change their commitment to developing countries. There is a need for EU Member States to maintain overseas development assistance (ODA). The financial crisis is expected to have a severe impact on humanitarian funding, with some analysts predicting cuts in ODA of up to a third or more.
EU Member States should not slack off on meeting the Millennium Development Goal targets now that there is a temptation to reduce spending. The worldwide financial meltdown has highlighted the interdependent globalised nature of our world. Even if developing nations have avoided many of the immediate effects of the financial crisis, owing to their limited exposure to global markets, economists are warning that there will be a knock-on effect in terms of a reduction in aid inflows as well as remittance, foreign direct investment and economic growth.
We could see developing countries suffer considerably for a financial mess they did not create. Therefore Member States should maintain the status quo."@en1
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