Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-12-17-Speech-3-025"

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"en.20081217.3.3-025"2
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"Madam President, at Christmas, little boys receive red cars to play at being firemen, and little girls receive Barbie dolls to play at everything else. Likewise, the Commission and the Council of Ministers have a small budget with which to play at public finances. We are playing, then, at having a tea party with the budget, dishing out a little for Galileo, a little for Kosovo, or a little for Palestine. There is even a little for fruit in schools. A financial and economic tsunami is sweeping across the automotive industry, across property, across services, and we are playing around with a budget of EUR 116 billion, which is the total of the Spanish budget for 42 million citizens, or rather 45 million, and we are dealing with 400 million citizens. I am not even going to mention the US budget of EUR 2 000 billion. A continent is about to go into recession and we are dividing up a few crumbs. We also continue to drone on about the rule of 1% of gross national income and deficits that must not exceed 3%. There are two lessons in all this. Firstly, when you cannot assess the price of a barrel of oil, falling from 100 to 40, while Goldman Sachs was predicting 200, and when you cannot make forecasts over a few months, how can you have a multiannual financial framework for seven years? That is a scientific absurdity. The second lesson is this: the entire history of the budget shows that legal ceilings, the Gramm-Rudman-Hollings Act in the US, the rule of 1% of national income, are all, again, foolishness. Public finance is driven by empiricism, and not by dogmatism. We needed to have a budgetary energy plan to change the economic climate. That was called a large European loan. We needed to have the room to change things but, for that, we needed ambition."@en1
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