Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-11-Speech-3-610-000"
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"en.20110511.35.3-610-000"2
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"Mr President, honourable Members, I would like to reflect briefly on two trains of thought. Although, undoubtedly, the crisis of the banking system contributed considerably to our current economic problems, it would be a mistake to conceal that most of the problems arose prior to the crisis from a lack of fiscal discipline in numerous countries, from economic policy that did not strengthen competitiveness, and from the absence of coordination in European economic policy.
It is therefore clear that a comprehensive European answer is needed and two important elements of this, which are also top priorities for the Hungarian Presidency, are the European semester and implementing the reform of economic governance.
Implementing both priorities has reached an important, critical stage. As regards the European semester, we are committed to successfully concluding this on time. The Member States’ stability and convergence programmes, as well as the national reform programmes, are planned to be discussed at the Ecofin meeting in June, and I hope that at last, these programmes will mean a real breakthrough in each Member State’s fiscal and economic policy.
Intensive work on the package of six proposals is going on in the trialogue. In connection with this, the Hungarian Presidency will announce the most important points of Parliament’s proposals at next week’s meeting of finance ministers, and at this discussion we will ask for a mandate from the Council to reach a successful and speediest possible agreement still in June regarding the six legislative proposals.
A responsible and flexible attitude is required of both the Council and Parliament, and I firmly believe that in today’s situation, the agreement would send a remarkably positive message to the markets as well. Furthermore, it would reflect the ability of the European institutions to cooperate responsibly and without delay when Europe is in huge need of this.
Concerning the Portuguese programme and the three adjustment programmes in general, first, I would like to welcome the parliamentary agreement on financial policy. We all know that this is extremely important from the aspect of the functioning of the European Financial Stability Facility. At the same time, I wish to point out that it is also clear in the economic policy programme compiled by the Troika in relation to Portugal that the programmes devised for Greece, Ireland and Portugal alike adapt to the characteristics of each country and are not formulaic in any way.
For Greece, the stress is on putting the budget in order. For Ireland, the consolidation of the banking system can be regarded as the key element. Now for Portugal, the most crucial parts are perhaps structural reforms, and labour market and commodity market reforms. As we are all aware, in the case of Portugal, it is extremely important to put the economy on a higher growth path in the medium term and to strengthen competitiveness.
I believe that, although implementing economic policy programmes related to credit agreements means serious efforts for the Member States, at the same time, this is also an opportunity to face up to long-standing structural problems and to find solutions and answers to these within a short period, which, in the medium term, could lead to sustainable and higher growth in these countries."@en1
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