Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-26-Speech-3-086-000"
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"en.20111026.6.3-086-000"2
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"Mr President, ladies and gentlemen, I would like to thank all my fellow Members and this institution, but in particular Ms Gräßle and my assistant, Davide Ruffo, for the work we have carried out. The effective implementation, management and accounting of the European Union’s budget funds are geared towards achieving the three goals of confidence, support and progress.
The more we are able to look at the past, the more we can drive onwards into the future. Let us improve research, technology and innovation through support for competitiveness and innovation projects, which are particularly effective since they provide financial guarantees – which are not provided in almost all Member States – through support for projects in the research and innovation sector in which
financing systems allow for loans to be granted to individual beneficiaries.
In terms of reforming Europe, we can perceive a structural solution to the crisis we have to deal with in the current economic slowdown. Unless European initiatives become more efficient and more decisive, as long as the spaces of intermediation between capital and investment are many and confused, and as long as private citizens can count on a system, we cannot count on a system that gives them guarantees, confidence and the chance to make Europe a bulwark of the world economy and for its citizens.
Having reflected on the most important and innovative points of the Financial Regulation and the Multiannual Financial Framework, I should like to pose a few queries on financial instruments. I have noted the communication that the Commission published last Wednesday about financial instruments. On this subject, I would like to ask Mr Lewandowski whether or not he thinks the list currently under debate is too reductive in its enumeration of the types of financial instruments? Do you not think that perhaps it would be better to consult experts on the subject as well, such as the Directorate General for Economic and Financial Affairs, before considering expanding Articles 130 and 131 of the Financial Regulation – particularly with regard to risk-sharing instruments?
Do you not think, Mr Lewandowski, that financial instruments could have a greater margin of success? What is your opinion on the basic identification of the financial instruments? Last, but by no means least, in terms of the issues identified, I would be interested to hear about the intended ways to tackle the effects of the financial crisis that will inevitably affect the economic situation in the initial years of the implementation of the Multiannual Financial Framework.
The economic and legal basis for the Financial Regulation is today made firmer by the prospect of financial changes designed to bring about innovation in Europe through the promotion and improvement of infrastructural investments, guarantees and financial methodologies. We must spend the resources we have in the best way possible. We must invest in the sectors most likely to bring about growth and progress for Europe – a more integrated and competitive Europe with enough resources to bring shared policies to fruition and to take the lead on the international scene.
Today, the first task must be to stimulate public investment, private investors and the governments of individual Member States to take more courageous action in the financial and economic sphere and, within this framework of mutual cooperation, to tackle any opposition arising from democratic debate. In this sense, issuing new financial instruments represents a key aspect of the Regulation, supporting the market and the financial system of the Union and the Member States.
At a time of serious economic crisis characterised by a globalised and bipolar economy, with the increasing political and economic entrenchment of the United States on the one hand and China on the other, Europe must equip itself with new financial instruments to ensure that it is not marginalised and does not lose out. The goal is as follows: step by step, let us give Europe a level of political and economic clout that makes it capable of developing and strengthening economic ties, putting financial goals at the top of the list of Europe’s priorities. This is the only way to ensure progress and a positive future.
Hence, in order to implement our economic and financial growth objectives more effectively, I think it is essential to make explicit the need to keep a close eye on the effective promotion of European society. Indeed, increased spending capacity and therefore the capacity to create wealth must be carefully channelled towards concrete ends; otherwise it will not have the desired effects and will merely produce waste.
Shrinking national budgets must be compensated for by funding from banks and guarantors. This would boost investment in areas where, without the EU’s support, there would be no increase in capital and no acquisition or creation of new resources for moving European industry forwards. All of that, I must underline, is not for the benefit of banks or of the wealthy but to increase a spill-over effect that can have repercussions on all levels of society.
In the same way, European support for the potential losses deriving from sub-optimal investments can surely be seen as a great example of support and surety for European citizens, since we know that some large projects such as energy supply would not make sense without initial public capital.
Moreover, the key role of project bonds is undeniable. Today, they take on fresh significance through the joint decision of the Group of the European People’s Party (Christian Democrats) and the Commission to start promoting private investment in infrastructure for energy, transport, information and communications. By investing in infrastructure, we can support and assist the European market and the EU’s financial system.
If it does not work in an equitable way, based on mutual trust and learning from past experiences, the market cannot properly fulfil its economic function. People who ignore their past will never understand anything about the present day. This maxim is essential for us to learn from the difficulties that the old system of financial management left us with and to ask ourselves what the errors were, what did not work, how to do justice to the European market and to the economic system that binds us together and – despite the difficulties – provides us with a guiding light and a source of support for the countries that we represent today."@en1
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