We need to appraise europe’s economic and monetary union

Maltese Europarliamentarian Alfred Sant told the European Parliament in Strasbourg that beyond the consolidation of existing management structures, we need a root and branch appraisal of how the Economic and Monetary Union has developed up to now. Dr. Sant was participating in the debate on the future of the Economic and Monetary Union with Eurogroup President Jeroen Dijsselbloem, EU Commission President Jean-Claude Juncker and Vice-President Valdis Dombrovskis. Topics discussed included the EU economic and social priorities for 2016, as set out in the Annual Growth Survey, and specific recommendations for the whole euro area, all of which were tabled by the Commission on 26 November. Dr. Sant was one of various MEPs who stated their view on the proposals for completing the EMU, presented by the Commission on 21 October, in a resolution to be voted on Thursday.
Dr. Sant said that the array of management structures built for the Eurozone in the past years was impressive, though still incomplete. All of it was set up in firefighting mode, with the EU’s leaders doing their best to contain crisis after crisis. The same happened this year, with successive crises occurring on a wider front than that covered by the euro narrative. The firefighting has been successful. The collateral social costs have been high. But the structures set up under the Stability and Growth Pact might reflect too much the contingencies surrounding the euro crises of the past.
Dr. Sant said that the structures are probably sufficient now to protect the euro from a recurrence of a crisis like that of 2008. ‘Will they be adequate to face up to the challenges of the future, to a new kind of crisis? For instance, today’s challenges arise from economic fragility and stagnation; lack of job creation and competitiveness; low public and private investment. Success in dealing with them has been very limited.’
Dr. Sant asked whether the time has also come to reflect radically on the design of the economic and monetary union. ‘Do we need to think outside the box, not to undermine the achievements, but to update them? As we bemoan the lack of competitiveness, could it be that the design of the Stability and Growth Pact itself inhibits competitiveness? Why with “more Europe”, as this has been hesitantly implemented, have we failed to achieve higher competitiveness and investment? Is the setting up of new bureaucratic councils to preach about competitiveness really the right answer? Do we need a revision of the Stability and Growth Pact? Beyond the consolidation of existing management structures, we need a root and branch appraisal of how the Economic and Monetary Union has developed up to now.’ emphasised Dr. Sant.

Maltese Version – EĦTIEĠ EVALWAZZJONI TAL-UNJONI EKONOMIKA U MONETARJA

L-Ewroparlamentari Malti Alfred Sant qal li lil hinn mill-konsolidament ta’ strutturi maniġerjali eżistenti, hemm bżonn nevalwaw kif żviluppat l-Unjoni Ekonomika u Monetarja sa issa. Dr Sant qal dan fil-Parlament Ewropew fi Strasburgu waqt li kien qed jieħu sehem f’dibattitu dwar il-futur tal-Unjoni Ekonomika u Monetarja flimkien mal-President tal-Eurogroup Jeroen Dijsselbloem, il-President tal-Kummissjoni Ewropea Jean-Claude Juncker u l-Viċi President Valdis Dombrovskis. Is-suġġetti diskussi kienu jinkludu l-prijoritajiet ekonomiċi u soċjali tal-UE għas-sena 2016 kif imfassla fis-Survey tat-tkabbir annwali, u r-rakkomandazzjonijiet speċifiċi għal kull pajjiż membru taż-żona ewro. Dr. Sant kien fost għadd ta’ membri parlamentari ewropej li kkummentaw dwar il-proposti biex titlesta l-Unjoni Ekonomika Ewropea, ippreżentata mill-Kummissjoni fil-21 ta’ Ottubru, f’riżoluzzjoni li sejra għal vot nhar il-Ħamis.
Dr Sant qal li l-għażla ta’ strutturi maniġerjali li nbnew għaż-żona ewro fl-aħħar snin hija impressjonanti, għalkemm xorta inkompleta. Kollox inbena waqt xi kriżi, bil-mexxejja tal-UE jagħmlu l-aħjar li jistgħu biex isolvu problema wara oħra. L-istess ġara din is-sena, bi kriżi wara oħra sseħħ fuq skala aktar wiesa’ miż-żona tal-ewro.
‘S’issa n-nar dejjem intefa imma biex dan seħħ, l-effett soċjali kien kbir. L-istrutturi mwaqqfa taħt ir-regoli tat-Tkabbir u Stabilita` kapaċi qed jirriflettu wisq iċ-ċirkostanzi tal-kriżijiet tal-ewro tal-passat.’
Dr Sant qal li l-istrutturi li hemm x’aktarx huma biżżejjed biex jipproteġu l-ewro jekk terġa’ sseħħ kriżi simili ta’ dik tal-2008. ‘Imma huma biżżejjed għal tipi ġodda ta’ kriżijiet li jistgħu jinqalgħu? Pereżempju, id-diffikultajiet tal-lum qed jinħolqu mill-istaġnar u l-fraġilita` ekonomika; nuqqas ta’ ħolqien ta’ xogħol u kompetittivita`; investiment pubbliku u privat limitat ħafna. Dawn il-problemi ma tantx ġew solvuti b’suċċess.’
Dr Sant staqsa wasalx il-waqt li nirriflettu fil-fond dwar il-forma tal-Unjoni Ekonomika u Monetarja. ‘Jeħtieġ li naħsbu f’affarijiet ġodda biex naġġornaw dak li hemm imma mingħajr ma ninsew dak li ksibna? Filwaqt li nuru dieqa dwar in-nuqqas ta’ kompetittivita`, jista’ jkun li r-regoli tat-Tkabbir u Stabilita` stess qed joħonqu l-kompetittivita`?’ Għaliex permezz ta’ ‘aktar Ewropa’ ma rnexxilniex insiru aktar kompetittivi u nakkwistaw aktar investiment? It-twaqqif ta’ kunsilli burokratiċi li jippridkaw dwar il-kompetittivita` kienet tweġiba tajba għal dan kollu? Hemm bżonn nirrevedu r-regoli ta’ Stabilita` u Tkabbir? Lil hinn minn strutturi maniġerjali li jqarrbuna aktar, jeħtieġ li ssir evalwazzjoni fil-fond ta’ kif l-Unjoni Ekonomika u Monetarja żviluppat u kibret sa issa.’ enfasizza Dr Sant.