'A coordinated European approach to the credit crunch offers us the greatest hope'- Bowles

11.48.23am GMT Fri 13th Mar 2009

The gravity of the global financial turmoil was debated in the European Parliament this week as Euro-MPs voiced their opinions on the European Economic Recovery Plan.

Sharon Bowles, who leads the Liberal Democrats on finance in Europe, welcomed proposals which call for a coordinated European response.

Commenting after today's debate, Sharon said:

'The plan clearly recognises the benefits of coordinated action across Europe. Working in harmony gives a multiplier effect - put simply, we will get more bang for our buck.

'This is not to say all Member States should do the same thing. Indeed, it is essential that recovery plans are tailored to the specific needs of each country. But we need care and mutually supportive measures.

'National economic rescue plans may harm Europe's global competitiveness if they are not well coordinated at EU level.

'The emphasis of this package is on a timely, targeted, temporary and coordinated measure, and this I welcome. It is essential that a rescue package in the short term does not become a burden in the long term."

'It is paramount that we find effective measures to stimulate the EU economy in order to get financial markets functioning again and crucially to avoid mass unemployment. Working together across Europe offers the greatest hope to achieve this."