Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-02-01-Speech-3-077-750"
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"en.20120201.12.3-077-750"2
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"On 30 January, the Heads of State or Government adopted the text of what is known as the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, also called the fiscal compact. Positive amendments to the initial version of the text include the obligation to implement the compact in the treaty structure of the EU within a maximum of five years, the consistent relationship with the law of the Union and the prevention of a severe breach among the Member States. We have to remember that the treaty which has been adopted is just one of several elements of the fight to rebuild confidence. It is still an instrument which serves principally to increase fiscal discipline, whereas there are other causes of the current crisis in the euro area. Structural reforms are needed, which will restore the confidence of financial institutions and improve rating agency ratings. Changes in the European labour market are needed just as urgently as the setting in order of Member States’ finances. The labour market must be made flexible to enable a more effective fight against unemployment, particularly among young people. Work on the system of financial surveillance needs to be completed. The small and medium-sized business sector should receive additional support, because it is in fact this sector which has created 80% of the jobs in Europe in the last five years. Despite the fact that the European Parliament has opposed the international agreement in every form, preferring EU secondary legislation instead, we cannot allow ourselves to voice severe criticism of the fiscal compact. In supporting this document we will give a clear signal to those outside the EU that the Union is determined to eliminate the causes of the current crisis."@en1
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