Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-12-14-Speech-3-074-000"
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"en.20111214.6.3-074-000"2
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"Madam President, Commissioner Rehn, yesterday’s edition of the
contained a very interesting article on why the fiscal compact agreed on 8 December will fail. With a series of logical and – I would say – self-evident arguments, many of which have been supported for some time by the European Parliament, especially by the Group of the Progressive Alliance of Socialists and Democrats in the European Parliament, the newspaper pointed out that unilateral insistence on fiscal austerity is counterproductive because, in its words, proper fiscal behaviour may, in turn, be linked to massive imbalances and economic inefficiency. Citing the example of Germany which, as you know, had a surplus in its balance of payments on current account in the order of 5.7% of GDP, which was greater than China’s surplus, the journalist pointed out that the fiscal compact will fail because it does not provide any explanation whatsoever as to exactly how that German surplus will be recycled, when more and more European countries, especially but not only in the South, will stand devoutly by strict fiscal austerity and orthodoxy. That is why, Commissioner, we consider action to address macro-economic imbalances not as a fragmentary agreement, but as a basic principle which, over and above the economic governance package, must be inextricably bound up with the new fiscal compact or, in the words of the journalist, fiscal union. May I remind you that the key to achieving agreement on the two regulations was the clear statement – by you, by the European Commission – that the procedure will apply both to Member States in surplus and to Member States with a deficit and to upper and lower limits, so that there is symmetry. This is not a dogmatic principle; it is a precondition which will ensure that the procedure has real economic convergence and balance."@en1
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