We must link it again with the creation of jobs and social progress. The success of monetary union, and of the Intergovernmental Conference itself, depends on this. The Union is still behind schedule in its implementation of the measures and joint action proposed in the 1993 White Paper. The Commission has rightly pointed out that we need proper coordination of economic and structural policies. But above and beyond that we need new instruments to improve coordination of the financial and budgetary policies of the Member States, that is, comprehensive macroeconomic coordination to create new jobs.
Subsidiarity is a requirement of democracy and sound common sense.
But it must not be abused in order to destroy the necessary social and ecological orientation of the internal market. The European Parliament has no doubt that European laws and regulations are often too rigid and too detailed. We know that they place restrictions on small and medium-sized undertakings in particular and hinder the creation of jobs. The Reflection Group set up under the chairmanship of State Secretary Westendorp to prepare the way for the Intergovernmental Conference has done an outstanding job. Its report should serve as the basis of the Conference.