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BackBased on the fact that no end is in sight with regard to the Euro and economic crisis, this week the European Commission, the Council as well as the European Parliament came out in favour of a common strategy to stabilise the situation. The majority of representatives of Parliament made it clear that the Economic Governance Package was a significant step in the right direction. However, the MEPs warned against passing the entire costs of the crisis to the citizens.
The Polish Finance Minister, Jan Vincent-Rostowski, left nobody in any doubt that Europe was in danger. However, he emphasised the positive role of the ECB concerning the interventions to stabilise the markets and warned governments against risking a collapse of the Eurozone. In addition, Rostowski appealed for a speedy adoption of the Six Pack to tighten European economic governance, which is currently subject to negotiations between the European Parliament and the Member States.
Rostowski referred to a study of the Swiss Bank UBS, which clearly shows that the exit from the Eurozone would have a very negative impact on growth and employment for both weaker and stronger countries.
The President of the EU Commission, José Manuel Barroso, also underlined the importance of implementing the Economic Governance Package as well as the on-time implementation of the Greek reform programme to overcome the Euro crisis. The Commission would also soon present proposals on Eurobonds and a Financial Transaction Tax.
Martin Schulz, leader of the European Social Democrats pointed out that the crisis would be an acid test for European unity. He affirmed that one had believed the measures adopted on July 21 to rescue the Euro to be adequate. However, the European Heads of State and Government were more concerned to save their own skin as politicians in their Member States. Schulz underlined that one was at a crossroads and that only a common strategy could rescue the Euro. It was important that the consequences of the budget discipline would be fairly distributed among everyone. It was unacceptable that only ordinary people were asked to pick up the tab.
Joseph Daul, the President of the EPP group, took the same line. It should not be allowed that the citizens would foot the bill as a result of the inability to act by the governments. What was needed was a clear commitment to the Eurozone and for more Europe - not less. Guy Verhofstadt, leader of the Liberals (ALDE), pointed out that, although Greece had triggered the crisis, the deeper causes were based on the lack of a common economic government and the absence of a fiscal union. The Commission had to play the main role with regard to a future economic government.
Rostowski referred to a study of the Swiss Bank UBS, which clearly shows that the exit from the Eurozone would have a very negative impact on growth and employment for both weaker and stronger countries.
The President of the EU Commission, José Manuel Barroso, also underlined the importance of implementing the Economic Governance Package as well as the on-time implementation of the Greek reform programme to overcome the Euro crisis. The Commission would also soon present proposals on Eurobonds and a Financial Transaction Tax.
Martin Schulz, leader of the European Social Democrats pointed out that the crisis would be an acid test for European unity. He affirmed that one had believed the measures adopted on July 21 to rescue the Euro to be adequate. However, the European Heads of State and Government were more concerned to save their own skin as politicians in their Member States. Schulz underlined that one was at a crossroads and that only a common strategy could rescue the Euro. It was important that the consequences of the budget discipline would be fairly distributed among everyone. It was unacceptable that only ordinary people were asked to pick up the tab.
Joseph Daul, the President of the EPP group, took the same line. It should not be allowed that the citizens would foot the bill as a result of the inability to act by the governments. What was needed was a clear commitment to the Eurozone and for more Europe - not less. Guy Verhofstadt, leader of the Liberals (ALDE), pointed out that, although Greece had triggered the crisis, the deeper causes were based on the lack of a common economic government and the absence of a fiscal union. The Commission had to play the main role with regard to a future economic government.