Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-30-Speech-3-154-000"

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"en.20111130.16.3-154-000"2
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"Mr President, Mr Rehn, ladies and gentlemen, the European Union has so far failed to treat the economic policy of its Member States as a matter of common interest. Its economic pillar has not lived up to its function or to the challenges it has been faced with. The failure to fulfil the commitments of the Stability and Growth Pact and the objectives of the Lisbon agenda exposed, even before the crisis, the shortcomings of the mechanisms for fiscal supervision and economic coordination. The imbalances that lie at the root of today’s crisis provide evidence once again that economic problems require political solutions. The European semester came into being as a result of a series of proposals put forward by the Commission and the task force on economic governance, which was created under the Spanish Presidency. It is a step towards stronger economic and budgetary coordination within the European Union. The market and national initiatives alone are unable to tackle the systemic risks and relaunch the European economy along a sustainable path. Nor will a bureaucratic or a purely intergovernmental approach serve to fill the shortfall in Europe’s economic governance. If we are to advance towards political union, we need to bolster democratic legitimacy. The European semester cannot be implemented disregarding the European public or indeed the principles of democracy. I therefore support the Berès report, which defends the role of the European Parliament, the national parliaments and inter-parliamentary dialogue in developing it responsibly and effectively."@en1
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