Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-12-15-Speech-3-012"
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"en.20101215.5.3-012"2
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"Mr President, I think that, in life, there is a rule that applies everywhere: when a group is under attack it must react with unity and with solidarity. Exactly the opposite happened in 2010 when the euro came under attack, because, since the Greek crisis, we have witnessed nothing but disagreements in the debates, certainly no unity and certainly not enough solidarity.
We need to have the courage now – and I am addressing the President of the Commission as well – to recognise that all the temporary measures taken are just not enough. This is not my analysis, it is the analysis of the International Monetary Fund (IMF), of the Organisation for Economic Cooperation and Development (OECD, of Mr Trichet, who is, after all, the head of the euro’s monetary guardian, the President of the European Central Bank, and for whom all the measures that have been taken and all the measures that are in the pipeline do not go far enough.
Everyone says that action needs to be taken on four points: first, a stability pact with real sanction mechanisms; second, a permanent, enlarged crisis fund – I am not the one proposing it, Mr Trichet says that it must be enlarged, the Heads of State or Government do not want to enlarge it, and we want confidence to return to the markets; third, real economic and fiscal governance, fiscal and economic union and, fourth, a single eurobond market.
These are the four things that need to be done, because nowhere in the world, fellow Members, is there a currency that is not backed by a government, by an economic strategy and by a bond market. Such a thing exists nowhere on earth. And what are we being told here today? We are being told ‘Yes, it’s a good idea, but we need to wait a little while longer.’ We need to wait for what? Perhaps we need to wait for complete chaos or for the euro to disappear.
The time has therefore come to take that decision and I am not expecting the Commission, Mr President, to tell us today ‘Yes, it will be difficult, we must not continue these debates on eurobonds; it’s a good idea but this is not the time, because we have the crisis fund, which we are going to make permanent now.’ The one has nothing to do with the other. The crisis fund is necessary now to counter attacks against the euro, but eurobonds are also necessary for the medium- and long-term stability of the euro. There is no contradiction between the two. Both are necessary, as is the case throughout the world.
I therefore believe that, along with the Heads of State or Government, who are going to discuss tomorrow and the day after tomorrow and are going to say ‘Yes, we are going to tweak the Treaty, and the crisis fund, which should normally be enlarged – which is what everyone else is calling for – may be made permanent’, I believe that the time has come for the Commission to put forward as quickly as possible a package that is much more significant, courageous, global and coherent as far as that approach is concerned. With regard to the Stability and Growth Pact, which has real sanction mechanisms, Parliament can do its work, because the package is here and we are going to revert to the Commission’s initial proposals. As regards the other three points, an enlarged crisis fund, yes, but propose it. Propose it! Take a stance on this point and say that the crisis fund needs to be enlarged. Why? Because having an enlarged crisis fund will put an end to speculation against the euro. Secondly, propose a global package on fiscal and economic union and, thirdly, do not be afraid, propose a single eurobond market. We know that, when all is said and done, that is what will stabilise the euro in the long term."@en1
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