Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-02-19-Speech-4-015"
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"en.20090219.3.4-015"2
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"Madam President, it is hard to believe that we are sitting here today discussing minor changes to the rules on value added tax when EU countries are facing the worst financial and economic crisis since the Great Depression. We continue to pretend that EU economies are not as badly contaminated by bad debt and slump as elsewhere, yet even in Germany output is falling at the staggering annualised rate of 8% and government finances everywhere are stretched to the limit as tax revenue falls and welfare spending rises, and as governments take over private debts and try vainly to stimulate growth.
The worst case is probably Greece with its downgraded government debt still 94% of GDP and with an interest risk margin that is today creeping back to 3%. Greece is going to need bailing out – but by whom? Not by the Germans, they say. Even ardent supporters of the great EU project are now having to accept that if Greek debt is not underwritten, Greece may be forced out of the euro zone. Probably of even more serious concern is the huge exposure of several euro zone countries to defaulting debts of Eastern Europe.
I almost feel sorry for the Commission. For years it has been trying to do as it was told, upholding the rules on state aid, competition and procurement: rules which are essential components of the project but are now being ignored all round. The saddest spectacle is Commissioner Almunia’s statement this week that he intends to invoke an excessive deficit procedure against Spain, France and Ireland because they have broken the budget rules of the Stability Pact. Mr Almunia – please – the Stability Pact is broken. It never did have any teeth. Never mind that prudent government finances are essential to the survival of the euro, there is nothing else that these countries can do about their budgets.
No doubt the gestures towards European Union will continue, but democratically-elected governments have a primary interest in looking after the populations that elected them. France and Germany have made it clear that their fiscal stimuli are there to help their own industries and workers. Obviously coordination is only for the good times.
Economies are in dire straits all over the world. Some of them will pull through. If some European Union economies return to prosperity, it will not be thanks to the European Union or to its rules on VAT."@en1
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