Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-03-11-Speech-3-061"
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"en.20090311.3.3-061"2
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"Madam President, too little, too late, inadequately coordinated, lacking in solidarity, undersized: these are the real reactions provoked by the European Union recovery plan and the Commission proposals at this stage.
The reason is really simple: looking at the initial forecasts, we are all obliged to acknowledge that the depth of the crisis was under-estimated, be it in terms of the truly spectacular fall in industrial production in the United Kingdom and France, for example, the fall in international trade and German exports, or the forecasts of increased unemployment. I therefore truly believe that, today, we are very far from a response that matches what is being implemented, for example, by the Obama administration in the United States.
There is, once again, a perceived lack of solidarity and a high degree of timidity. In March, we saw Ecofin refuse to increase the recovery plans, and we are seeing the countries of Eastern Europe be reduced to calling on the IMF. This is a lamentable failure where European solidarity is concerned; we are allowing more and more national rescue plans for the industrial sector and we are reduced merely to calling for a rejection of protectionism. The fact is, the only true response would be a European rescue and recovery plan for the automotive sector.
I believe that, today, the Socialist Group in the European Parliament’s demand is extremely clear: we want massive investment. As we often refer to the crisis of 1929, let us look by way of comparison at the example of Roosevelt’s New Deal, which spent 3.5% of GDP over seven years. For Europe, today, that would be the equivalent of EUR 400 billion per year over several years. We therefore believe that borrowing facilities and Eurobonds should be made available, that there should be huge investment in green innovation, in the insulation of buildings, in modern transport and in the energy sector, and that there should be a support plan for the victims of restructuring and unemployment, and an indication of how all those faced with unemployment can be helped, by means, for example, of extending the scope of the European Globalisation Adjustment Fund."@en1
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