Appointed European Commissioner for Economic and Financial Affairs, Pierre Moscovici was heard in the European Parliament. A difficult year for the French, whose appointment to Brussels was not well received by some, including Germany
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Pierre Moscovici has engaged in a difficult exercise Thursday at the European Parliament. Appointed European Commissioner for Economic and Financial Affairs, he was questioned by MEPs often unconvinced by the French, in their eyes representative of a country deemed implausible in its fight against deficits.
A designation heavily criticized
Appointed in September to become the next European Commissioner for Economic Affairs and taxation, Pierre Moscovici will become the guarantor of European fiscal rules, to succeed the liberal and orthodox Olli Rehn. Anathema to his critics, particularly in Germany, who wonder how the representative of a country subscriber fiscal slippages may assume that crucial role. “As a minister, he did nothing to enforce the stability pact, he has squandered the deficit. He knows well the EU (…), it is competent, but not for this job, “said the German Conservative MEP Herbert Reul. “He will have to control the French budget. A former Minister of Finance, the conflict of interest is obvious, “points the German Green MEP Sven Giegold. In order to defuse the field, Pierre Moscovici has multiplied in recent weeks appointments within the European institutions and meetings with MPs.
Thanks to him, “maybe our French friends will understand better the background, rationale and the need for political consolidation and growth that we need to put in place,” stressed Jean -Claude Juncker, the president-elect of the Commission, at the announcement of the composition of his team.
But for the Socialists, the appointment of Mr. Moscovici is an opportunity to “turn the page of the austerity “and give a new direction to the Stability Pact, the European fiscal straitjacket that France and Italy would like to see relaxed to encourage growth.
If confirmed in his post, Pierre Moscovici will quickly to the wall: from the beginning of November, it will present the economic forecasts of the Commission and will issue its first assessment of the state of the French economy. The French draft budget provides for a deficit next year to 4.3% of GDP from 4.4% this year, far from the 3% that Paris was committed for 2015 after getting a grace period.
“I have a compass”
“I pledge to you to meet our fiscal rules in all Member States. This must be done without indulgence for some, without excessive hardness for others. We must treat all states -great or grandchildren under the same rules, and their own “merits, said Pierre Moscovici.
The French UMP Lamassoure attacked immediately by holding that the appointment of Pierre Moscovici this post provoked a “malaise” because “you failed as Minister of Finance “. Pierre Moscovici replied that he had “reduced deficits in France,” fell from over 5% when he became finance minister in 2012 to 4.1% in late 2013, the price of a “structural effort” very important .
“I have a compass, rules, only the rules, all the rules, and if a country, big or small, does not fulfill the obligations under the Treaties and is in a process “excessive deficit” and it is the case of France, I will not fail, “Has he said. “I repeat, I will repeat again, I’m here to enforce the rules, the credibility of the rules, not there to change creatively, to defend some sort of exception, which exception, what suspension,” said t he insisted.
“The rules are not stupid, they take into account the economic situation, insist on this very important concept that is the structural effort, but a country, whatever it is, even France, must respect the rules, and my role is to enforce the rules and that’s what I’ll do, “Has he said. “I will not pretend that I’m here to change them. I’m here to apply, with perhaps the margins they offer, “said he added.
face his detractors, he also pointed out that budgets of France had been validated by the European Commission.
Defending the dual need to “preserve the stability of our economy” and “restore growth,” the former minister launched: “We must stop to oppose these two cardinal principles. We must go beyond unnecessary divisions, women politicians criticism and personal attacks. ” “There is no growth without reducing deficits and debts. But there is no stability and debt reduction without growth, “he added. “I am French, I am a social democrat, (…) I renounce or my nationality or my beliefs. But (…) I will not be in my office the ambassador of a country or a party. ”
For the tax on financial transactions
On the merits, Pierre Moscovici said he was committed to the tax on financial transactions (FTT), hoping to see the project through to the end of the year. This tax, which is the subject of enhanced cooperation between 11 European countries, is on the table since 2012 and is expected to come into force in 2016, but the views of his supporters remain divergent. FTT “will help ensure that the financial sector makes a fair share,” it will “halt activities such as high-frequency trading,” a highly speculative activity, and “fund the fight against poverty and against change climate, “said Pierre Moscovici at his hearing before the Committee on Economic Affairs of the European Parliament.
The 11 countries participating in the project are struggling to agree on the basis of future tax. If they agree to apply to actions, it is also planned to extend to some derivatives, it is defined. But some countries, like France, are reluctant because of the large weight of the derivatives market in their economy. “We need at least some derivatives are taxed, it is vital,” assured Mr. Moscovici. “I’ll have a proactive and ambitious vision for the tax that I want to see succeed under the Italian presidency” of the EU, by the end of December.
More generally he said he was in favor of an extension of enhanced, on a voluntary basis, on taxation cooperation. Any change in tax rules at European level is difficult because it is unanimous that applies between 28 “We are too paralyzed by the rules of unanimity,” he has said.
He has also spoken on the taxation of digital, saying that “this is where the profit is formed must be taxing.” Non-European internet giants like Google, Amazon, Facebook, Apple are regularly stigmatized because of the gap between the taxes they pay and the profits they make in Europe.
The opinion of the European parliamentary committee is only advisory but in the past, several candidates had to be replaced, MEPs have a de facto veto since they must place their trust in the Commission as a whole during an investiture vote.
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