Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-22-Speech-1-048"
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"en.20101122.13.1-048"2
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"Madam President, ladies and gentlemen, the euro is experiencing problems, but what convertible currency is not after the systemic crisis caused by crazy finance?
Our European Union, which also provides 55% of world development aid, could have more of an influence if our leaders had a little more political courage, if they used Europe’s strength.
I will just end by saying that a strict and transparent framework must be imposed on international finance. We must work together to overcome our problems.
Government debt is a serious problem. Nevertheless, the increase in public deficits is a result of the public bail-out of private banks. What is more, the economy needed to be revived. The financial crisis has spread rapidly to the real economy, leading to a sharp downturn and unemployment.
It appears that the world of crazy finance has not learnt from the crisis. Wall Street and City survivors are speculating on the currency markets and short selling CDSs that they do not even have. The lending rates for States it is suspected may default must be raised by indirectly imposing austerity policies on them, which will make it even more difficult for them to recover.
European solidarity is being shown with difficulty and sparingly. The bail-out of Greece means, first and foremost, the bail-out of French and German banks holding a significant portfolio of Greek debts. The support given to Ireland is, above all, a bail-out of British and German banks that would suffer deeply if Irish banks were to go under.
The fact that the rate of the euro remains volatile is not a sign that the common currency is weak. It is a reflection of the tension in the markets, especially in the face of a currency war between the Americans and the Chinese.
Since the start of the year, China has no longer been borrowing in dollars, but has been selling them. The tax situation in the United States is worse than that in Europe. On top of federal public deficits, there are enormous private deficits. Forty-eight of the 50 states in the American Union have a deficit budget.
Mr Van Rompuy spoke about the euro struggling to survive. He is wrong. The euro, that beacon of stability that Mr Trichet has just spoken about, will outlive Mr Van Rompuy, because the Union and its supporting structure, the Euro Group, are the most important economic unit in the world. In spite of real problems, to which Europe is responding with continual shilly-shallying, it should be pointed out that, at world level, the 27 are the biggest exporters of goods, the biggest importers of goods, and the biggest exporters of services.
We have the most solvent internal market in the world. Furthermore, European companies export twice as much within the internal market as they do to world markets. The Union is the main destination for third-country direct investments. Companies in the Union hold the biggest investment stocks worldwide.
With 500 million citizens, or 7% of the world’s population, the Union generates 30% of gross world product. The United States generates 25%, Japan 8% and China 8% of world product."@en1
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