Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-06-Speech-2-449"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20100706.29.2-449"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:translated text |
"Madam President, if you will allow me, I would suggest to you that Mr Rehn respond to you directly on the important question of Eurobonds, in particular, and on the final points that Mrs Berès mentioned a moment ago. He will do this in writing in the next few days.
In her initial speech, Mrs Bowles mentioned the stress tests, which are tests of resistance to events which have not yet happened, and which perhaps will not happen. We must therefore understand properly what the question is here, and in the Commission, we thought quite early on – President Barroso has expressed his feeling on this subject, as has Olli Rehn – that transparency would have great benefits. I refer you to the quite comprehensive response that President Barroso gave on this question.
Mr Karas mentioned a very important point which was raised in the preceding debate on prevention and precaution and, in particular, the idea that it is the banks that must pay for the banks, and not the taxpayers. I would like to confirm that, besides the communication that I have given on this subject, we will propose legislation at the start of 2011 which provides for the creation of these precaution or bank resolution funds to implement the principle of ‘the polluter pays’ while emphasising another idea, which I would repeat here, namely, that prevention always costs less than cure. However, this is only a tool, Mr Karas. This bank resolution fund, this tax or bank levy, is only a tool in a toolbox which contains others, the objective being to identify the risks early enough to prevent them turning into a crisis and this crisis turning into a catastrophe.
Regarding the credit rating agencies, we are examining all the questions, including those of sovereign debt ratings mentioned a moment ago by Mrs Berès. I confirm that we are working on the diversification of this market, which is excessively concentrated in a few hands, and, in particular, on the possibility of a European agency. These ideas will also be turned into legislative proposals at the end of 2010 and the start of 2011. Mrs Berès mentioned the application of the Stability Pact. Like you, I think that we must go further. As you have understood, we introduced this European financial stabilisation mechanism in a time of emergency. As I said earlier on – and here I am also responding to Mrs Băsescu – we are working on more permanent mechanisms, and the Commission, together with the working group led by the President of the European Council, has not yet chosen the legal basis on which we will establish these proposals relating to a more permanent mechanism for crisis management.
I would like to conclude, Mrs Podimata, by mentioning the work that Greece has done, which you know well. We must take into account the very important commitment of the Greek Government to playing its part in this work. I would like to remind you that this recent crisis which has affected your country, though not only your country, and the risks of contagion associated with it, have provided good evidence of the interdependence of the Member States, especially in the euro area. This crisis has also emphasised, in my view, the need for Europe to demonstrate its determination to undertake fundamental reforms to ensure the smooth running of the European Union and the euro area as a whole. In its decisions on the creation of these two instruments, the Ecofin Council of 9 May plainly showed that the European Union was capable of responding quickly and efficiently to the great political and economic challenges. I believe, however, that it is clearly necessary to improve this economic and budgetary coordination, and I know that we can go beyond the word ‘coordination’ and go further when it comes to the Union.
I would also like to say to Mr Rübig that, just like him, I think that we have learned the lessons in the current situation – and it is not over: we have spoken of supervision and we must follow through with the decisions taken relating to supervision and regulation – from the jolts on the euro and Greece, thanks to the proposals for governance and coordination and this system of response and stabilisation. The Commission has also made important proposals relating to budgetary surveillance. I think that we must do all this, but we must do even more to talk to the citizens, who expect us to deal with the economic situation, in terms of growth and employment. While on the subject of surveillance, stabilisation, efforts, regulation and rules, I think that we must also talk about initiatives in the context of the Europe 2020 strategy in order to regain growth and employment.
This is why, in the second part of my portfolio, I attach importance to the proposal I am working on with a dozen of my colleagues, which I will present at the start of October, on this idea of a Single Market Act in order to make the fundamental basis – the platform of the entire European economy that is the single market – work better. This is a market of 500 million citizens in which small businesses, of which there are very many, citizens and consumers are not doing well. Yet we know that if this market functioned better for small and medium-sized businesses, citizens and consumers, we could find 2% of growth in this market, in ourselves.
In summary, then, I think that we must continue with this discussion while taking the action necessary to respond to all the questions which our citizens our currently asking."@en1
|
| lpv:videoURI |
Named graphs describing this resource:
The resource appears as object in 2 triples