Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-22-Speech-1-037"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20101122.13.1-037"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spokenAs | |
| lpv:translated text |
"Mr President, first of all, I would like to thank the rapporteur, Mr Balz, for his cooperation. I also welcome the fact that the European Central Bank has been granted the status of an EU institution following the entry into force of the Treaty of Lisbon.
Secondly, I would like to point out that there are considerable macro-economic disparities between the economies in the euro area, highlighting the need for closer harmonisation between economic and monetary policies. The Growth and Stability Pact is not an adequate instrument for resolving the current economic imbalances. One solution out of this deadlock could be to issue government bonds at EU level. This solidarity mechanism would provide stable financing for Member States in dire straits, would make budgetary supervision more effective and would significantly improve liquidity. The single currency should be supplemented with fiscal tightening and joint long-term debt.
The reckless behaviour of financial operators helped trigger the economic and financial crisis. In addition to this, the recent speculative attacks against certain Member States have made it difficult for the latter to borrow money on the international financial markets, thereby virtually affecting the stability of the whole euro area. I therefore think that a permanent mechanism is required to protect the euro area against speculative attacks. It is the European Commission’s duty to monitor the activity of current credit rating agencies and to devise a structure for an EU-level credit rating agency.
We must also bear in mind that the austerity measures adopted by national governments could significantly reduce the chance of the European economy’s recovery. This is why an EU-level economic governance model is required which will combine fiscal consolidation with the creation of new jobs.
The Commission must also propose specific targets for narrowing the competitiveness gap between EU economies and, last but not least, go ahead with investments in green energy."@en1
|
| lpv:videoURI |
Named graphs describing this resource:
The resource appears as object in 2 triples