Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-12-15-Speech-3-032"

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"Mr President, in this time of crisis we should not lose sight of the fact that, over the past ten years, the euro has brought us a great deal of prosperity and stability, as well as many jobs. The euro is therefore well worth strongly defending. However, this will require a decisive European summit and a whole lot more in the way of unity. Unity is in desperately short supply, not only when it comes to the permanent crisis mechanism, but also when it comes to robust financial governance. In this debate, Mr President, ‘eurobonds’ seems to be the magic word, as if it will make public debt problems disappear like snow melting in the sun. However, those in this House who are calling for eurobonds should also be aware that these entail significant obligations and a rigorous budgetary discipline which goes much further than the proposals for strengthening the Stability and Growth Pact that are now before us. President Trichet said ‘a fiscal union’. Are those of you in this House who are calling for eurobonds prepared for that? I have my doubts about that. Mr President, we must put our energy into the proposals now before us in order to strengthen the foundation under the euro. That is urgent and we in this House are working hard to achieve it. We also need a more rule-based approach in the preventive arm of the Stability and Growth Pact, because prevention is better than cure. We must also ensure a greater level of joint responsibility amongst Member States, not just for the benefits, but also for the obligations and commitment which stem from the Stability and Growth Pact."@en1
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