Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-03-23-Speech-3-077-000"
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"en.20110323.17.3-077-000"2
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"Madam President, what Commissioner Barroso has said basically amounts to a proposal to strengthen economic governance and the stability of the euro. This means speeding up the policy of economic governance in Europe.
Of course, the work being done by Mr Barroso, assisted by Commissioner Rehn, is going very well and we see it in a positive light. We hope that this pact will be able to respond to the economic and fiscal challenges facing Europe and send the right message to the markets. Unfortunately, the markets are our current problem.
This new economic governance comes after a crisis, a rude crisis in the form of the Member States’ public debt. In my opinion, with the United States printing money to an estimated tune of over three trillion dollars, I see no reason why Europe should not resolve its problems by printing money in the order of a trillion euro, not in order to pump it into the market, but in order to set up a fund, what we call the ‘support mechanism’. Be that as it may, it would appear that the time has not yet come for such an idea, not while Mrs Merkel’s ideas hold sway over Europe.
However, we must again highlight the fact that the European Union is being forced to create new systems and values under unfavourable circumstances.
Introducing monetary union, without an overall strategy of economic governance and coordination between the Member States, was a risk which was tested in practice and operated along general lines. I believe that the time has come for the Union to take bolder decisions and to make the structural changes needed.
As I said, of course we basically endorse the Council’s decisions on the pact for the euro and we consider that the euro is still a good currency. However, we must ensure not only that we achieve the objective of stability in the euro area, but also that we achieve a high level of growth and competitiveness in Europe and that we increase and maintain jobs for European citizens, especially young people. We must focus on young people."@en1
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