Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-10-20-Speech-3-100"

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"The word ‘crisis’ comes from the Greek word that literally means ‘to decide’, ‘to choose’. It therefore indicates a moment that separates one stage from another. We must look beyond and consider the past in order to implement the structural changes that will make our small and medium-sized enterprises more competitive and able to face up to the greater pressure that will come from a globalised environment. In doing this, we must also guarantee employment for a good proportion of the more vulnerable part of our workforce and their families. The European Union needs new economic governance that will ensure the stability and rigour of national public finances. A financial and economic crisis such as the one we are currently experiencing must never happen again. Europe’s new economic governance must take into account not only the level of government debt, but also its sustainability in the medium to long term. Private debt and the sustainability of social security systems are just as important as government debt as such for the stability of public finances. Indeed, countries that controlled government debt have plunged into a deep crisis precisely because of the serious indebtedness of families and companies, while countries with high government debt have come through well."@en1

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