Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-05-22-Speech-2-443-000"
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"en.20120522.18.2-443-000"2
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"The French presidential elections and the recent changes of government in Denmark, Slovakia and Romania signify a political turning point, an advance of the left wing. The question is whether this will be accompanied by an economic turning point. Will the European Union finally discard its conservative economic policy which focuses solely on deficit reduction?
The situation in Greece, as well as the difficulties facing Spain, Portugal and Ireland, clearly show that austerity measures alone are not enough. There is only so much European society can endure, yet the elimination of deficit would require years or even decades. We must find a new economic model, an alternative to the free-market capitalism that caused the crisis.
It is worth mentioning the reason why Scandinavian countries were able to withstand the crisis effectively. These countries finance their broad social benefits from high taxes, while their financial and banking systems are subject to strict rules. European countries must turn their attention towards investments that serve long-term growth, such as infrastructure and energy network modernisation, research and development, the elimination of abject poverty and the development of education. The costs of such investments should not be disregarded during deficit calculations for the Stability and Growth Pact. European project bonds should be introduced to finance investments that facilitate growth."@en1
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