Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-02-09-Speech-2-202"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2010-02-09"^^xsd:date2
dcterms:Is Part Of	lp_eu:Difficult monetary, economic and social situation of Eurozone countries (debate)2
dcterms:Language	"en"^^xsd:language2
lpv:document identification number	"en.20100209.13.2-202"2
lpv:hasSubsequent	lp_eu:2010-02-09-Speech-2-2032
lpv:speaker	lp:Kay Swinburne2
lpv:spoken text	"Madam President, sovereign debt spreads have widened dramatically over recent months for certain euro Member States, leading to much speculation in the markets about defaults, bail-outs and even the viability of certain Member States within the euro framework. The EU, through the ECB, cannot impose fiscal criteria on these Member States. Nevertheless, the effects of this crisis have repercussions for the EU and the ECB in terms of having to orchestrate a solution, international confidence in the euro model and the future smooth operation of the euro sovereign debt markets. We have spent a lot of time and energy in the last year investigating procedures, oversight, transparency and effective risk management of international capital market participants. These measures affect the secondary market in securities, but I believe there is a strong case to apply the same principles to the primary market, particularly in the unique situation of the eurozone debt-issuing members. Specifically in the UK, Northern Rock became insolvent as it raised money in the short-term markets to fund long-term liabilities. When the market questioned the business model and refused to lend, the business model de facto collapsed. Certain euro Member States are facing the same issues right now. I propose that the ECB, whilst not having any power over budgets or capital-raising, can have an input over the debt maturity profile if it felt that a Member State is over exposed through short-term market movements. Greece has to raise EUR 31 billion over the next few weeks. Portugal has to roll over existing debt equivalent to 17% of its GDP at a time when France also has to roll over existing debt equivalent to 20% of its GDP. The maturity profile of debt is left to Member States, but the cumulative effect of tapping the market simultaneously leaves the EU exposed in times of crisis, leading to difficulties in raising capital in the markets. In the eurozone, perhaps the ECB should have an oversight of accumulative debt issuance and advise Member States on responsible management. In conclusion, a simple first step would be for the EU, and specifically eurozone Member States, to have a sustainable debt maturity strategy as the absolute debt level at this time is less important than the amount of debt which is up for renewal."@en1
lpv:spokenAs	member; Delegation to the Parliamentary Assembly of the Union for the Mediterranean (2009-09-16--2012-03-27)3 substitute; Delegation for relations with Switzerland and Norway and to the EU-Iceland Joint Parliamentary Committee and the European Economic Area (EEA) Joint Parliamentary Committee (2009-09-16--2014-06-30)3 substitute; Delegation for relations with the Palestinian Legislative Council (2009-10-19--2014-06-30)3 substitute; AFET (2009-09-07--2010-06-23)3 unknown; Conservative Party (2009-07-14--2014-06-30)3 member; ECON (2009-07-16--2012-01-18)3 member; Special Committee on the Financial, Economic and Social Crisis (2009-10-08--2011-07-31)3 member; PECH (2009-07-14--2014-06-30)3
lpv:unclassifiedMetadata	"Kay Swinburne,"1 "on behalf of the ECR Group."1
lpv:videoURI	<go to Events_and_structure europarl>2

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