Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-22-Speech-3-175-000"

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". Mr President, ladies and gentlemen, there are undoubtedly many reasons for the economic situation in which we currently find ourselves in the euro area and in the European Union as a whole, but two stand out in particular. Firstly, we were basically far too late in realising the direction in which Europe was sailing. Secondly, when we did realise it, the Council in particular refused for a long time to initiate the necessary measures – which are actually provided for in the Stability and Growth Pact – or to impose the necessary sanctions. To put it bluntly, it simply failed to pull the ripcord. The new regulation on macroeconomic surveillance should deal with these two problems. Firstly, the completely new system it provides should enable us to recognise macroeconomic imbalances at an early stage; and secondly, we should then be able to act quickly. We have developed a good scoreboard, albeit through long discussions. I should very much like to thank the rapporteur, Mrs Ferreira, for her positive cooperation in this connection. We need to ensure that immediate measures are taken to counter imbalances. That is precisely why it is necessary for a mechanism to be developed here that cannot be politically torpedoed. That is why the use of reversed qualified majority voting is so important and so fundamental for Parliament. If we want to implement the instrument efficiently, this naturally represents a transfer of powers from the national capitals here to Brussels. That is more than likely necessary anyway in an economic and monetary union. Only when the citizens of Europe see that we are now acting effectively, that we have learnt from the mistakes we have made, will we be able to regain the trust that has currently been lost. I can assure you that my group will be supporting the Ferreira report tomorrow."@en1
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