Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-05-19-Speech-3-056"
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"en.20100519.3.3-056"2
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"Mr President, there is little doubt about the seriousness of the current crisis and the ‘cost of use’ of unprecedented policy methods is very high. The task of regulators and policy makers is to undertake actions that make it possible both to restore the equilibrium shattered by market failure and to correct failed government policies. This is being done, but it has still to be seen how fast, and through what policy measures, European Union Member States will return to their path of growth.
More regulation is not a guarantee against the risks of the current crisis. As we have chosen the path of more regulation, it should go hand in hand with increased simplicity and reduce the complexity of financial markets. What is also clear is that fiscal and monetary policies are not substitutes for structural reforms. Structural reforms have to address the underlying weaknesses of the European Union economy: sharply growing debts and deficits, ageing, the highly probable new surge of inflation, risks generated by climate-change policies, low productivity and lack of competitiveness.
With less public money, more will have to be done; hence, public money, both European and national, will have to be used more efficiently. A business friendly regulatory environment, efficient government, non-distortionary taxes, high labour participation rates, especially among women, a good education system, research and innovation – all that constitutes a minimum core package of measures to bring growth, jobs and competitiveness. Without doubt, the European winning strategy has to be based on fiscal tightening, but its focus should be on innovation, the only way to boost productivity and growth in a sustainable way.
The European Commission and the European Parliament should regain their strategic role and go for brave European solutions. Both citizens and markets need more Europe."@en1
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