Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-05-22-Speech-2-379-000"
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"en.20120522.18.2-379-000"2
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"Mr President, in February 2009, this Parliament adopted a report supporting the European Commission proposal to relaunch the European economy. It included projects on clean energy, transport, new technologies and innovation, and the role of the European Investment Bank and the Structural Funds was already being weighed up then.
Over three years later, we have been able to produce the ‘six-pack’, the Euro Plus Pact, the fiscal compact and the ‘two-pack’, all of which are full of increased discipline and penalties. Meanwhile, however, unemployment – particularly youth unemployment – is reaching alarming levels, the European economy is going into recession and more than seven of the Member States are suffering negative growth. At the same time, while Greece is no more than a first tremor threatening to bring down the whole edifice, the relaunch agenda seems to have been forgotten.
The agenda is clear at the moment. Already, what is important at this point is not to make it a matter of urgency, but rather a matter of emergency, in a situation threatening to explode. There is an urgent need for intervention founded on a number of areas. First, a sort of European Marshall Plan needs to be established, with investment promoting growth, employment and convergence. Project bonds are one of the possible sources. Second, the interest rates at which countries are financed need to be stabilised. Let us prepare, at least, to coordinate the issue of sovereign debt and to manage jointly the debt accumulated. Third, the European Stability Mechanism and the European Central Bank (ECB) must be readied to act as proper firewalls for defending European sovereign debt. Fourth, the credit that the ECB transferred
to commercial banks must find its way to companies. There is EUR 1 trillion being held back in the banking system, while thousands of viable European companies go out of business every day because they lack finance. Fifth, investment makes no sense without demand. The weaker economies are being crushed under the weight of austerity packages. It is the stronger economies that need to free up domestic demand. Around 80% of trade now takes place within Europe, and it falls to the Commission, specifically Mr Rehn, to make recommendations directed not just at the weaker economies, but also at the more dynamic ones.
I am concluding now, Mr President. Finally, there must be a limit to the measures imposed by the troika. We have gone far enough with the punitive style, without dialogue and without accountability, whereby high officials determine the fate of millions of Europeans and of Member States’ democratic institutions."@en1
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