Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-14-Speech-3-032-000"
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"en.20110914.3.3-032-000"2
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"Mr President, something is wrong. Economic deceleration, the collapse of the stock markets and financial tensions are the price we must pay for a weak response.
Our immediate priorities are Greece, financial stability and economic growth. The Greek government must receive clear support from the Union in its efforts to re-establish growth. This dissonance must end; it is now time to comply with the agreements reached on 21 July 2011, including a ‘Marshall plan’ that is worthy of the name.
Financial stability is vital for the euro. The European Central Bank has a particular responsibility while the Union does not have effective capacities in the area of fiscal policy. The eurozone is based on fixed interest rates, but not on exchange rates that can respond to unlimited differentiations.
The EU must ensure that its financial entities do not pose a systemic risk, and that they complete their recapitalisation processes adequately.
The problem is growth. In the last decade, the eurozone has grown less than any other region in the world. The surplus economies should expand demand. Low interest rates in the medium term could alleviate debt and help kick-start our economies. We need a European system of public debt to bring coherence to the economic union, to be in a better position to finance the EU and the Member States, to enable fiscal consolidation and investments in order to regulate the economy and carry out structural reforms, and to convert the euro into an international currency.
It is time to get serious; no one can meet these challenges with the levels of wealth, cohesion, trade balance, fiscal space and opportunity for better integration that we currently have in the EU."@en1
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