Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-24-Speech-3-053"

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"Mr President, listening to today’s debate one thing stands out, and that is the big issue – important to almost all the political groups – of economic governance. The consensus is only superficial, as there is a huge difference in interpretation regarding this economic governance. Looking at the Council’s interpretation, which can also be seen from its conclusions, one sees a one-sided focus on what the Council considers necessary, namely savings, savings and more savings. It is almost an ideology that has been made into an economic law: one only need save enough and everything will be all right again. That is not our interpretation of economic governance. On the contrary, something completely different will be needed, and our group is not the only one saying this. Look at the economists, look at yesterday’s not exactly a socialist propaganda newspaper – which says, and I paraphrase, ‘saving on its own undermines already ailing economies and makes it increasingly difficult to repay debts’. Investment is also needed. A very nice, obvious, example of what is needed is an increase in the employment rate. This would enable the repayment of debts, in all our Member States. Yet this requires the courage to invest in education and training, the courage to invest in the balance between work and family life. Looking at the savings in the various Member States, we see that it is precisely this kind of investment that is suffering cutbacks. A vision is needed – a perspective on economic policy – as a basis for mobilising the resources to do this. Only then should we take a look at how best to give shape to the Stability and Growth Pact. I believe that that is the major difference between our perspective on economic governance and the Council’s."@en1
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