Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-03-25-Speech-3-061"
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"en.20090325.2.3-061"2
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"Mr President, President of the Commission, I will begin by expressing my concern that the Summit on Employment, to be held in May, has been replaced by a troika meeting, however open this may be. I believe that this decision takes us back to 1996, when employment policies were considered to be policies solely for the Member States.
Secondly, with regard to monetary policy, I, along with the whole of my group, am an advocate of radical independence for the Central Bank, but independence does not equate to immunity from criticism.
I would like to say at this point that I would have liked the European Central Bank to have been more daring in reducing interest rates, given their impact on European exports, and for it to have been more generous in setting the deadlines for the repayment of the loans granted: the Federal Reserve makes three-year loans; the Central Bank’s loans, however, are for only six months.
Once again, in relation to monetary policy, I would like to make a comment: I hope that the rescue plans for financial entities and the possible plans to purchase toxic or damaged assets do not translate into competitive advantages for the banks that receive aid as compared with those that have conducted themselves more prudently and do not need aid.
With regard to fiscal stimuli, during the course of the morning we have had a considerable debate. Is it enough? Is it too little? Is the United States doing more than us? Whatever the conclusion of this debate, what is certain is that we are seeing the largest fiscal stimuli that our generation has experienced since 1929.
This compels us to coordinate action taken on either side of the Atlantic, and this coordination must be much closer on two issues: completing the Doha Round, to send a signal against protectionism to the whole world and, secondly, a joint examination of world imbalances, which are at the root of this crisis.
With regard to the stability pact, I note certain contradictions in the Commission’s position. Today’s debts are tomorrow’s taxes and the Commission ought to ensure that national measures are linked to the Lisbon Strategy and do not jeopardise the sustainability of finances. In order to do this, it needs to monitor with the utmost attention the plans to regain the correct position of those countries – including my own, since I am Spanish – that have strayed into an excessive deficit situation.
Mr President, I would like to thank you for your generosity with the time, which I have certainly noticed."@en1
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