Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-28-Speech-3-301-500"
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"en.20110928.19.3-301-500"2
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Tightening up the provisions of the Stability and Growth Pact will iron out the worst of the nonsense by ‘automating’ the deficit procedure. The offenders, in this case the Member States in the Council which are in debt, will no longer sit in judgment over other offenders. However, this reform does not provide a solution for the current debt crisis in Greece and Portugal. Neither country is in the position to make use of the reform and, therefore, both have become insolvent. The Stability and Growth Pact will not prevent the European Union from becoming a transfer union in future. In the case of asymmetric shocks, the necessary variation in exchange rates is the only criterion which should be used as the basis for forming a monetary union. Otherwise a fiscal transfer union is needed. As a result, only the division of the monetary area into a hard and a soft monetary union will be able to prevent the formation of a transfer union which does not have democratic legitimacy. The effects of the political ideals and daydreams that form part of these centralistic measures can be seen in the disturbances in the southern Member States.
The monitoring of ‘imbalances’ by the European Commission is completely ineffective. In the worst case, competitiveness will be punished because current account surpluses are ‘too high’. In the positive scenarios, the proposals for restraining wage increases that arise as a result of the distortion of incentives in a badly constructed monetary area will fall flat. Under no circumstances must the political freedoms of the Member States be called into question. For this reason, I have voted against this report and the other related reports that form part of the so-called ‘six pack’."@en1
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