Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-24-Speech-3-019"
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"en.20101124.4.3-019"2
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"Mr President, firstly I believe that what has happened is very serious. I also believe that the political groups must respond today with a common position on this issue and I hope that all the political groups, excluding, of course, the group of the Member concerned, are very clear in supporting the steps that you have taken to prevent this from ever happening again.
I believe that what Mr Daul said about Ireland – because he has fully analysed Ireland’s situation – is completely true, but I should nonetheless like to say to him that, if at the beginning of the financial crisis we had established a European rescue plan for the banks in October 2008, as was tabled by the Commission but rejected by the Member States, Ireland would never have faced the problems it is facing today. That proposal was rejected in October 2008 with the words, ‘No, it is unnecessary. We in Germany have enough money to resolve our problems ourselves.’ Well, we saw what the outcome of that was.
Secondly, I should like to address the current issue, because there is still tension surrounding it. As far as I am concerned, I hope that the euro will stabilise again tomorrow or the day after tomorrow, because it has yet to do so. I therefore believe that what the President of the European Central Bank and Mr Rehn said yesterday must be taken very seriously.
I believe that what Mr Trichet said during yesterday’s debate – there were not many people present during the debate – is very significant. He said that the package was not enough to restore stability in the euro area. We in Parliament therefore have a special responsibility because we are joint decision makers in all these areas. This must be taken seriously. In fact, what exactly is the problem? Nowhere in the world is there a currency that is not supported by a government, a single economic policy, a strategy, and a single bond market. We believe, in the euro area, that it is possible to act with 16 governments, 16 bond markets, and 16 different economic policies; I believe that this is the basis on which we must act and the conclusion that we must reach. We must go beyond the Council’s decisions. Mr Rehn, I even believe that we must go beyond the Commission’s proposals, and we must support Mr Trichet.
If Mr Trichet, who is, after all, responsible for the stability of the euro, calls on Parliament and the other European authorities to strengthen the package, the only decision we can make for the financial markets is to strengthen the package, communitise, introduce fully automatic sanctions – which are not in place at the moment – and create a bond market in euros. The differences between Greece and Germany and between Ireland and Germany are not going to disappear if there is no single bond market. A truly effective additional sanction could also be introduced for countries failing to adhere to the stability pact.
Finally, I should like to say that we need the kind of real economic governance that stimulates investment, and if the German Government calls for Article 136 of the treaty to be changed for this purpose, then let us change it, but let us also do what is necessary and include real economic governance and fully automatic sanctions in Article 136 in the future. Let us turn these changes to the treaty before us into a real opportunity to prepare the euro for the future, that is to say by establishing economic governance in the euro area and in the European Union."@en1
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