Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-06-Speech-2-362"
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"en.20100706.27.2-362"2
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"Mr President, I am satisfied with the presentation of the package by the President of the Commission and, if I may give my opinion, I would suggest that you bring it in as soon as possible on the basis of your right of initiative. Put it on the table of the Council and put it to the European Parliament, because that is the mechanism by which the Union operates. The Commission has the initiative here.
I would thus like to wish the newly-introduced working group much success, but ultimately, the Commission will have to abide by its responsibilities and put a proposal to the various institutions.
Nevertheless, Mr President, some questions remain concerning this package.
The first question, which is fundamental, is: who will manage this economic governance? Will it be the Member States, the Council or the Community institutions – that is, the European Central Bank and the European Commission? For the European Parliament, it is very clear: it has to be the Community authorities, because I have never seen the Member States demonstrate an ability to exercise this control themselves. This does not work: it has never worked in the past, and it will not work in the future either.
Secondly, I agree that penalties should be envisaged, but not only concerning the Stability Pact, because, as you have said, this is only one aspect of the policy. We must also do this, for example, with regard to competitiveness, structural reforms and the European economy. There must be penalties, and on this point, I would ask certain Member States to show more consistency. They defend – even demand – penalties relating to the Stability Pact, but when we talk of penalties with regard to Europe 2020, from the competitiveness perspective, they are much more reticent. It must be one thing or the other. If we want penalties, they must be applied across the board.
My third comment is that we must also think, President of the Commission, of a strategy for economic growth. We cannot just say that we will reduce the deficits. It is necessary to make this reduction – and as a former budget minister, I want to reduce deficits – but apart from that, we also need an economic growth policy, and the only authority that can provide that is the European Union. The Union has borrowing capacity, and it has projects for the pan-European infrastructure that we need, as Mr Monti’s report emphasises, and the Commission must therefore make proposals in this direction too. It must do this not only with a view to reducing the deficits – which is necessary because the Stability Pact requires it – but also with a view to developing a credible economic growth strategy so that we do not fall into the trap of economic stagnation of the Japanese type, such as the one that we experienced for more than ten years.
The fourth element is the ‘stress tests’. I am satisfied with the fact that the decision has been taken to publish these. We already needed to do this a year ago, as the Americans did, because it is the only way of reopening the supply of credit in the private sector.
Finally – and I will stop there, Mr President – as regards financial supervision, let us be very clear on this point: there will not be any agreement with Parliament if the Council and the Member States do not respect the fact that in case of conflict, it is the European authority that has the last word. This is a crucial point. Furthermore, this element is repeated in the Commission’s proposals. This is the point of departure for the Larosière exercise. The Member States have not yet understood. It is time, Mr President, that the Member States accepted this, otherwise there will be no agreement on financial supervision."@en1
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