"In adopting the proposals on growth from the European Commission, who, until now, was having trouble getting them approved, the 27 Member States made a good decision. The proposals rest largely on the use of existing funds for financing new investments," said Joseph Daul after the European Council summit. The chairman of the EPP group said that without in any way calling into question the fiscal consolidation efforts made by Member States, the European Council was right to give its green light to measures such as a mechanism to allow the direct recapitalisation of banks via the stability funds, an increase in capital for the EIB, launching project bonds and reallocating structural funds that have, as yet, not been used. "These measures are useful, but they in no way change the landscape. They provide breathing space, but they are no replacement for measures indispensable to creating growth and jobs - namely, reinforcing the competitiveness of European companies and, especially, budgetary, fiscal and social integration, ie. European political integration," stated the Chairman of the most influential political group in the European Parliament."We cannot wait ten years, that is until 2022, to achieve this political integration, as suggested in the document put forward by the European Council. Member States must understand: we are already out of time."Source: The Coming Crisis
