Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-22-Speech-3-246-000"

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"en.20110622.18.3-246-000"2
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"The crisis may provide us with an opportunity to change our rules and institutions, or to create new ones. The economist Joseph Schumpeter talked about ‘creative destruction’. At present, the EU therefore has a unique opportunity to establish a new mechanism that should lead to greater macroeconomic, fiscal and currency stability for the Member States in the long term, and help increase their competitiveness. The experience we have gained from the past operation of the Economic and Monetary Union has shown that such rules need to be enshrined in legislation, and that we cannot rely on the good will of individual Member States. For this reason, the submitted legislative package containing six proposals for establishing an improved framework for economic management is a step in the right direction. Four proposals relate to fiscal matters, including a reform of the Stability and Growth Pact, while the two new regulations try to identify and resolve macroeconomic imbalances emerging within the EU and the euro area. In order to enforce these new rules effectively, however, it is and it will continue to be advisable for both the national parliaments and the European Parliament to be involved in the whole process more closely and at an earlier point in time. Overall, I believe that the legislative package which has been presented is an appropriate response to the global crisis and the EU’s current economic situation, building on the relevant legislation and complying with the Europe 2020 strategy and other strategic EU documents, and therefore I recommend adopting it in the amended version."@en1

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