Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-01-13-Speech-2-368"
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"en.20090113.28.2-368"2
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"At this time of financial crisis and economic recession, both European governments and the European institutions need to show determination and flexibility, as mentioned by President Barroso in the preface to the recently adopted European economic recovery plan.
To show this flexibility, the Commission will, for instance, put in place a simplification package to speed up decision-making on state aid, allow for the use of accelerated procedures in public procurement in 2009 and 2010 for all major public projects, and request that Member States take corrective action in case of any excessive deficit in timeframes consistent with economic recovery to allow their economies to adjust.
However, this flexibility does not mean that the Commission has changed or will change the rules of the internal market. A modernised approach to policies set out in the single market review of November 2007 needs to be pursued further as foreseen.
The 16 December 2008 progress report called ‘The Single Market review: one year on’ highlights a series of recently adopted measures that will help create the conditions to relaunch the European economy. They include, most of all, stronger contractual rights to enhance consumer confidence, lower costs and administrative burdens, and a single company statute for SMEs. It is also evident that we need to restructure the European regulatory and supervisory framework in order to minimise the risk of future crises.
Over the year, we have been working alongside Parliament and the Council to, among other things, increase protection for bank depositors, dissuade banks and other financial institutions from taking excessive risks in the future and better regulate the credit rating agencies. The rapid adoption and implementation of these proposals is elementary. We need to demonstrate that Europe can provide concrete answers.
Over the coming months, the Commission will formulate in a comprehensive manner how the current regulatory and supervisory framework should be further reformed to bring back stability and confidence. We should strive for a more stable system that does a correspondingly better job in providing opportunities to trade, hedge, diversify and pool risk, allocate resources and mobilise savings. This calls, among other things, for better cooperation and coordination between national regulators and supervisors, as well as avoiding any protectionism.
To foster longer economic growth we need to reduce the cost of capital and to enhance capital allocation. It will clearly require a further strengthening of the internal market.
This flexibility certainly does not mean any changes to the single market principles. On the contrary: at a time of financial economic downturn, both European governments and European institutions need to hold firmly to the principles of the single market. It is essential that any measures to tackle the crisis are guided by the fundamental freedoms and the principles of non-discrimination and proportionality. For instance, a framework for national rescue plans is already in place to prevent any negative spill-over effects amongst uncoordinated national actions.
A level playing field which has benefited Member States’ consumers and businesses so much since 1992 needs to be maintained and safeguarded. This is essential as any measure which would undermine the single market could further aggravate the impact of the financial crisis on the wider economy."@en1
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