Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-24-Speech-3-034"
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"en.20101124.4.3-034"2
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"Mr President, I am sure one thing we can all agree on is that Heads of State or Government are extremely busy men and women. I find it extremely puzzling, therefore, that they come together every three months or so and waste a tremendous amount of time and money to decide very little in the face of a crisis which is doubly underlined by what has just happened in Ireland.
Just look at the idea of a financial transaction tax. It was on the agenda of the March summit, the June Summit and the October Summit, with each Council batting it on to the next Council. It has now been batted on to the December Council and presumably beyond that, way on into the future. We urgently need a leap forward in economic governance; we need vision and action, mutual solidarity and close coordination. But instead, all we are getting is confusion, hesitation and mutual mistrust, which leads to permanent instability instead of stability.
Some things are clear. First, a further tightening of the Stability and Growth Pact will not be enough. Worse still, there is a considerable danger that the new system as proposed will end up being procyclical and therefore counterproductive for growth and jobs. Second, economic and monetary union needs to be made far more effective through truly balanced and effective economic policy coordination, not just surveillance and sanctioning. Third, in one way or another, there needs to be a system of common debt management for at least a share of public debt – maybe up to 60% of GDP.
The economic benefits of such a system of eurobonds are huge and clear. President van Rompuy, you are on record as having said that you are not fond of politicians with a vision. I think you prefer practical action: I understand that. But I think you can now begin to move to bring the two together. I hope the path is clear and that the FTT and a balanced system of economic policy coordination are beyond mere surveillance and common debt management. I think it is time, President van Rompuy, for vision and action."@en1
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