Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-14-Speech-3-023-000"
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"en.20110914.3.3-023-000"2
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"Mr President, we are on the edge of the second dip of a double-dip recession and the crisis is clearly deepening.
It did not have to be this way. My Group published a paper a year ago setting out an alternative economic agenda entitled ‘A fair way out of the crisis’.
We called for a growth and jobs pact. There has been no focus at all on growth or employment in the last year. In America, President Obama is launching a USD 450 billion American jobs act and Europe remains silent on the jobs crisis.
We called for fiscal consolidation, but at a sensible pace – all Member States’ deficits below 3% by 2015, not 2013. The Commission’s latest forecasts, expected tomorrow, will show that many Member States cannot possibly make the 2013 deadline.
We proposed a European Stability Agency to manage a system of eurobonds. I am glad to hear what you have said today, President Barroso, on eurobonds, but I hope it is not a case of too little and too late.
We proposed a financial transactions tax (FTT) as part of a broader budget revenue package. Things have moved on this front but an FTT of 0.01% in 2018 will again be too little too late.
Finally, we made a number of proposals to tackle the root causes of the crisis on, for example, financial regulation and addressing macroeconomic imbalances. On the first, the Commission does not even support a ban on naked short selling, and on the second the Council opposes a symmetrical approach between deficit and excess countries.
The latest economic data and developments point in the direction of these proposals and these policies. It is not just about European economic governance. It is about the content of the policies. It is absolutely critical that we find a proper balance between consolidation and urgent support for growth and investment. I will resend you a copy of this paper, President Barroso. I hope this time you will read it and act on it."@en1
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