Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-01-13-Speech-2-371"
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"en.20090113.28.2-371"2
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"I undoubtedly agree with Mr Mitchell when he says that protectionism is not the answer. But I am sure that there are many Member States which probably see a possible opportunity to engage in some protectionist measures, but I would say two things on that.
Firstly, we will be vigilant in enforcing EU law in order to prevent any measures which are contrary to the rules of the European Union.
Secondly, I would say to those Member States: if people believe in that particular approach, it would be my view and I know that of Mr Mitchell that that would prolong the duration of the economic downturn. But there have always been differences of opinion regarding this particular approach and there are probably many Members on other sides of this House who would not agree with either myself or Mr Mitchell.
I also agree with Mr Mitchell that it would be appropriate to balance all this negative talk of economic downturn – which there is – with a sense of realism and not to be overly pessimistic. I am afraid that in the world in which we live – whether it is in the Member State we know best or in other Member States – there has always been a predisposition to concentrate maybe overly on the negativity of the economic downturn. Now we have to balance this with realism because there has to be realism in economic forecasting as well and people will have to be realistic. But there is a balance to be struck between being overly pessimistic and being realistic. Confidence is a very fragile thing and it takes a long time to recover it and it can be gone in a flash.
So, I welcome the comments of the President of the European Central Bank in today’s paper as to the scene in the next couple of years. But, as I said, there should be this balance and people should be aware of where this balance should be struck.
Mr Crowley asked a legitimate question as to what arrangements we have made to discuss these economic and financial matters with the US administration. There is a very strict protocol in place in the United States, as you are undoubtedly aware, even for people who are in the transition administration as to what is done by them and they guard it religiously.
But as soon as the new administration is in place, we will be in contact with the new Treasury Secretary. We already have a lot of fora in which we discuss matter, such as the Transatlantic Economic Council, the Financial Markets Regulatory dialogue, which are ongoing the whole time. As soon as the new Obama administration takes office next week, we will be making contact with our new counterparts in that regard."@en1
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