Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-03-25-Speech-4-015"
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"en.20100325.3.4-015"2
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"Mr President, ladies and gentlemen, let me firstly congratulate and thank the rapporteur, Mr Giegold, who has proposed a work of high quality and has shown himself ready to listen to the rapporteurs from other groups.
This report, the European Parliament’s response to the European Commission annual statement on the euro area and public finances, is rich in analyses and proposals. Of course, it is, to a great extent, marked by the big event of 2009, the economic and financial crisis, which is without any doubt the most serious crisis the European Union has faced since it was created.
I have learnt two main lessons from this crisis. On the one hand, the Economic and Monetary Union has shown how useful it is. The euro, a stable common currency, has played the part of a real monetary shield. Belonging to the euro area has enabled more than one country to avoid a devaluation of their national currencies, which would have further exacerbated the consequences of the crisis. The euro area has therefore become more attractive, as the case of Iceland shows.
Moreover, the active and flexible monetary policy conducted by the ECB, increasing its injections of liquid funds into lending establishments, has played a significant role in keeping European banks afloat.
The first lesson then is that while we often say that Europe was built on crises, this one has shown that economic Europe is both effective and necessary at the same time.
From this I draw the second lesson, which is that we should strengthen European economic governance. Today, the only genuine European economic policy is monetary policy. There is limited coordination of budget policies. However, the euro area, which – as mentioned again by this report – is intended to integrate all the Member States of the European Union, must establish effective governance in every aspect of economic policy.
It must begin with macro-economic as well as financial monitoring, something we are busy working on in the European Parliament. It must be carried forward within the framework of the Stability and Growth Pact as a real instrument of fiscal coordination. At this time of crisis, the considerable drop in revenue, the tax incentive measures taken within the framework of the recovery plan and the operation of economic stabilisers have led to a deterioration of the budget balances of the Member States.
Reducing public debt remains a fundamental commitment, as it concerns our children’s future. Let us be austere, but let us also be inventive. Let us think about a new European fiscal policy, let us think about eurobonds, and let us be bold in European economic governance."@en1
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