Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-05-05-Speech-3-402"
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"en.20100505.73.3-402"2
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"Mr President, allow me to start by telling you that I hope, as I believe do all my fellow Members and the President of the Commission, that the system that we have put in place will work. I have had my doubts since the start and have criticised the system of bilateral loans, but that does not mean that I do not hope that it works and stops speculation against the euro.
For, little by little – ladies and gentlemen – there has been speculation against the euro and an attack on the euro, and not only an attack on Greece or an attack linked to the state of the public finances in Greece. This is therefore far more serious and more widespread. I for my part hope that this system, once formalised on 7 May, will be able to fully achieve its objective, for the simple reason that we have no other instrument. We have no other instrument. Therefore, this system has to work, and it has to be supported.
However, it is also important – and this is my second point – to clearly understand that, in the near future, it will not be possible to resort to it at every turn. A structural mechanism will have to be provided as soon as possible; perhaps not for the next few months but certainly for the next few years, because we are going to encounter such situations again. Moreover, if we want to have access to a structural mechanism for the future, we have to bear in mind one thing: lessons need to be learnt from what has taken place over the last five months. We needed five months to put a mechanism in place: three months to decide on its principle, then two months to decide on its conditions. Why? Because this is an intergovernmental system!
Once again, I believe that the first lesson to be learnt for the future is that we must follow the Commission in its Community approach. For the Commission had proposed a European loan: it could have been approved immediately in December or January and could already be having an impact today and stopping this speculation against the euro.
I therefore hope that, on 7 May, the first decision, the first lesson to be learnt from what has happened over the last five months will be that we say – in the hope that this works – that we are now going to ask the Commission to propose a European loan that can stop speculation against the euro immediately. For the European Union’s entire credibility and liquidity rests on such a proposal, which is not the case in an intergovernmental system, where 16 countries must say ‘yes’, 16 parliaments, perhaps, must say ‘yes’, and so on.
I also hope – although Mr Rehn has already begun to make proposals – that the second lesson that we learn from all this is that we need to introduce a number of structural reforms, namely a preventive chapter in the Stability and Growth Pact – which Mr Rehn has proposed – a European monetary fund, a structural mechanism that can be used straight away and, thirdly, a 2020 strategy that is far more robust than the strategy that is down on paper today.
Then, we also need reform with regard to the rating agencies, even if the latter are like weather forecasts: either they are too flexible and we want them to be slightly more inflexible, or they are too inflexible and we want them to be slightly more flexible. However, a European-level initiative is definitely a good idea that must be looked into.
Lastly – this is my last point, Mr President – I call on the Spanish Presidency to agree to financial supervision very quickly. I am sorry, Mr López Garrido, but it is not us who are to blame, but the Council! Am I not right in thinking that it was the Council that changed the Commission’s proposals? There were some Commission proposals that I even criticised, but they still went much further than those of the Council. We are the ones who are redoing the Commission’s work for the moment, and I have a worthy proposal to put to you.
If you want financial supervision and the proposals to be applied within a month, then approve straight away, with the Council and Ecofin, the amendments that Parliament is going to table to you in the next few days. It will take no time at all to approve them, and financial supervision will be applied. I hope that you will be able to relay this information to your Ecofin colleagues, who have merely outlined, in their proposal, a system for avoiding the financial supervision that was established by the Commission."@en1
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