Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-22-Speech-1-052"
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"en.20101122.13.1-052"2
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"Madam President, the intervention in Ireland ultimately proves that the EU should have come up with a common solution for European banks, particularly the large banks, almost before dealing with any other matter. In practice, today we are openly discussing the failure of states, yet we still do not have a clear proposal for a solution for European banks.
The intervention in Greece and the way it has developed prove that Europe needs European solutions, and the solution identified thus far is principally based on bilateral aid, whereby every country is subjected to the judgment of its partners based on criteria that are neither clear nor stable. The European Central Bank (ECB) has acted as an anchor in this situation, filling some of the gaps, particularly in terms of the vulnerability of sovereign debt. Make no mistake, however: we cannot continue like this in the medium term.
I would therefore like to ask the President of the ECB the following three questions. Firstly, what is the ECB’s position on a stable model for constructing a true system of solidarity between the Member States with regard to sovereign debt? We need this, and we should not refuse to face up to reality. Secondly, what were the differences, if it is possible for us to identify them, which prompted the ECB not to endorse all the recommendations of the report compiled by the task force led by Mr Van Rompuy? Thirdly, does the ECB believe that the EU can survive with the increasing divergence of growth suffered by the Member States, and without a common instrument that restores some convergence in these growth strategies?"@en1
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