June 29, 2012
The European Council held in Brussels on thursday has been a turning point for Europe. Europe has to choose its destiny: on one side, there was the risk of implosion, on the other, a clear change of direction. Europe has chosen to change and survive.
The summit has brought about economic security and growth. Italy has been one of the winners of this summit because of Monti´s boldness and determination. The European Parliament too is one of the winners of this summit. Due to Mr. Schulz´s proactivity, the European Council has aligned itself with the Parliament´s position on many issues: the growth compact is almost entirely based on the proposals made by the EU Parliament.
The Sunmmit has given a new impetus to Europe but some challenges are ahead for Europe.
The European Council has strengthened the European firewall against speculation by using the EFSF/ESM instruments to stabilise markets for peripheral countries. This is a very important achievement. Europe should now take an offensive approach to financial speculation. In this regard, the decision of adopting a Financial Transaction Tax has to be welcomed. It is however important that the FTT will not be watered down. The FTT should have the widest possible scope covering all financial products. Deregulation of the financial sector has been the root-cause of the current crisis and we should never forget it.
Furthermore, we have to see how the Treaty will be implemented and in particular which policies will be imposed to countries receiveing assistance from the EFSF/ESM.
Europe should also use this window of opportunity to relaunch the process of political integration. In order to fully stabilise the euro as a currency, we need a political structure to steer and support the common currencyAuthor : Gianni PITTELLA MEP