Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-05-22-Speech-2-436-000"
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"en.20120522.18.2-436-000"2
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"Madam President, let me briefly thank you for a very substantive debate, and I share your sense of urgency to take decisive action to overcome the crisis and return to growth and job creation. That is our message for tomorrow’s informal summit.
I also share the prevailing view of those who say that taking fiscal consolidation, on the one hand, and sustainable growth, on the other, and setting them against each other is really a false debate. Instead – in order to overcome the crisis and return to sustainable growth – we need to stay the course on fiscal consolidation while at the same time pursuing structural reforms which will enhance competitiveness, support the creation of more jobs and stimulate public and private investment that will give the needed extra fuel to our economic engine.
I am also very grateful for your support for the EIB capital increase on project bonds for investment as well as for making more effective use of the Structural Funds. I also want to thank you for your overall support for a road map for stability bonds based on further reinforcement of economic governance – which is something that we have to reflect on and return to very soon and discuss together with the Member States and Parliament.
Let me make a point on Greece. It is important that the summit will reaffirm its commitment to safeguard financial stability in, and integrity of, the euro area. We are fully aware of the efforts already made by Greek citizens; we encourage Greece to continue fiscal and structural reforms while respecting existing commitments which are the best guarantee for a more prosperous future inside the euro area.
The recipe of restoring confidence in public finances and undergoing consistent structural reforms does work. Countries that have best weathered the storm during the crisis are indeed those that have gone through this kind of adjustment in their recent past. Just look at Denmark and the Netherlands in the 1980s; Finland and Sweden in the 1990s; Germany in the last decade; and today Ireland – while still undergoing difficult adjustment – has returned to recovery and growth. The Baltic States have recovered and we forecast three and half to four per cent economic growth for them next year. So it is indeed possible through this recipe.
Madam President, honourable Members, I would like to conclude by saying a few words on the quality and fundamental nature of growth. We have made – and continue to do so – growth and employment an absolute priority. Not just any old growth, however! Not growth that only entails injecting public money, in accumulating more debts and in sweeping our economies’ structural problems under the carpet.
There will be no sustainable growth without healthy, and thus sustainable, public accounts. There will be no sustainable growth unless structural reforms are implemented and our competitiveness and ability to create jobs are improved. There will be no sustainable growth without the completion of the single market. Finally, there will be no sustainable growth unless further effort is made to attract private and public investment in growth sectors where jobs are being created, such as research and innovation, energy and the green economy, and transport and communication infrastructures. The aim of our agenda is to support sustainable growth, employment and investment."@en1
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