Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-22-Speech-1-039"

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"Mr President, firstly, on behalf of my group, may I express my thanks to Mr Balz for the cooperative manner in which our deliberations were conducted. We were able to contribute certain suggestions to make the report even more balanced. The period 2009-2010 was characterised by extraordinary measures on the part of the European Central Bank, and in view of these extraordinary economic developments, I would like to thank Mr Trichet once again for taking these measures, particularly since they were not always well received within his own institution. We have seen during this period that the Stability and Growth Pact is inadequate. Instead, we need effective coordination of economic policy that takes into account not just public debt but also private debt, and that deals with economic imbalances not just in deficit countries but also in countries making a surplus. Where prices are concerned we need to focus not just on consumer prices, but also on property prices, their speculative development and the creation of bubbles. Above all – and we are constantly urging this – we need once and for all a framework for tax competition in the European Union. It is unacceptable to have huge austerity programmes on the expenditure side while countries continue to have unconstrained tax competition on the revenue side. In particular, it is unacceptable – and impossible to explain to our citizens – that in such a situation as we now have, we are rescuing Ireland’s banks, but not at the same time ensuring that its scandalously low rate of corporation tax, which stands at 12.5%, is corrected to the usual European rate of 25%. We need to have some straight talking here. I would also like to ask Mr Trichet to comment on two matters in the report: the issue of transparency, as mentioned in paragraph 21, and the issue of the security accepted, as mentioned in paragraph 39. You have not yet commented on these issues. On behalf of all the rapporteurs and shadow rapporteurs, I would be grateful if you could comment specifically on these matters."@en1

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