Press Release
18/11/2008Financial Crisis: The European model of a social market economy is the way out of the crisis. Joseph Daul MEP, Chairman of the EPP-ED Group in the European Parliament
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"What we are witnessing is not the defeat of capitalism but the result of political error, namely the lack of rules and controls on the quality of financial products across the Atlantic since the 90s", said Daul.
"The centre-right political family is not, and has never been, in favour of a financial system without rules or arbitration, for which we are now paying the economic and social consequences very dearly", said Daul.
"The centre-right believes that the European model of a social market economy, which has proven itself, is right for the world economy. We want to focus on the situations of those who work and save money, but also on businesses, particularly SMEs, who are taking risks every day to create growth and jobs."
Joseph Daul called for a revival of the economy to boost growth and therefore limit the impact of this crisis on social cohesion. "We must simplify the internal market, invest in research, strongly support our SMEs and help those families in difficulty. And we must do this without putting any strain on public finances - for example by considering Euro-bonds as a source of funding - and by maintaining reform at national level, which is necessary now more than ever."
(Translation from the original French)
For further information:
Joseph Daul MEP, Tel: +33-3-88175525
Antoine Ripoll, Chairman's Spokesman, Tel: +32-475-856290
Notes to Editors:
The EPP-ED Group is the largest political group in the European Parliament with 288 Members from all 27 Member States.
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