Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-05-19-Speech-3-332"

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"The present discussion on this crisis has mainly covered budgetary discipline; and rightly so, as it is important. It is not the whole story, though. Let us also keep this crisis in the right perspective, which is that we are actually still talking about a banking crisis. For many years, the banks made money out of thin air using opaque structures and, in 2008, this bubble burst. Countries then transformed that private debt into public debt, and this is the problem Greece is having to contend with now: an unbearable level of public debt. In the light of this, when we discuss a 2020 strategy, we must also look at the role of the banks. The Commission has a total lack of ambition in this regard. Hardly a word has been said about the banks. What this crisis has shown is that a clear distinction must be made between savings banks and investment banks. Where is the Commission’s ambition when it comes to plans for tackling this? That was my first point. However, we must also look at the economy of the future. The economy of the future will make efficient use of its natural resources. Here, too, the Commission has too little ambition. Either its objectives are too vague or its targets too low; for example, a 20% reduction in greenhouse gas emissions, which is woefully inadequate to promote green innovation. How are companies to get the message that they should invest in green technology? We feel the Commission’s plans should cover this, too. Finally, with regard to our own budget, this, too, must be in line with our own strategy. This means that the Structural Funds must ultimately be used to promote new green technology. At the moment, we are mainly subsidising more greenhouse gas emissions. Where is the money for innovation, and where are the appropriations for sustainable agriculture in the agricultural budget? We need the Commission to be specific and ambitious rather than producing vague plans; these are not the way to solve this crisis."@en1
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