Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-06-Speech-2-365"
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"en.20100706.27.2-365"2
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"Mr President, in the wake of the measures proposed by the Commission in recent weeks for averting imminent crises, involving the euro rescue package and the Europe 2020 strategy, which entail rescuing the banks, on the one hand, and cuts in social security, salaries and pensions, on the other, we now have proposals on the table for reforming the Stability and Growth Pact. In our view, these proposals from the Commission on reforming the Stability and Growth Pact are taking the wrong tack.
The Commission, following in the footsteps of the working group headed by President Van Rompuy, does not want to modify the Pact’s content, but instead wants to tighten the sanctions and enforce compliance. Both the Commission and Council are calling for further controls and penalties for Member States in deficit. This has not worked in the past and will not work in the future. However, we in the European Parliament’s Confederal Group of the European United Left – Nordic Green Left are pleased, at any rate, that the harshest penalties proposed by the Commission for countries in deficit were not applied.
Regulation of the financial markets is a matter of urgency. We will do our part to resolve the situation. Europe’s citizens already have to pay; the Council now ought finally to swing into action as well.
The problems with the Stability and Growth Packet are not down to lack of compliance or the rapid reduction of the annual deficit to the Maastricht target of 3% of new debt. This may stall growth in the euro area, which is still feeble and at risk.
The current economic imbalances in the EU must be eliminated, as this is what speculators are making their living from. One of the ways to do this is for the countries with strong economies to drop their aggressive export strategies which have devastating consequences for the other countries. These countries must make greater efforts to strengthen their domestic markets and boost demand instead. Criteria such as the unemployment rate and the prevalence of poverty must be included in the Stability and Growth Pact. What is needed is to carry out a fundamental overhaul rather than tighten its conditions."@en1
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