Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-12-15-Speech-3-034"
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"en.20101215.5.3-034"2
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substitute; Delegation to the EU-Russia Parliamentary Cooperation Committee (2009-09-16--2012-07-04)3
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"Mr President, I think the past year demonstrates that a common currency requires clear, common ground rules, and it is evident that we do not currently have such rules. It is also clear that the euro area is suffering from a definite lack of credibility in the eyes of both the people and the financial market. I do not agree with Mr Bullman. Rather, I believe that the Commission has done a good job and has put forward ambitious proposals. As regards the challenges that we are currently facing, I think the problem does not lie with the Commission, but with the Council. Of course, the Council has a rather difficult meeting ahead of it over the next few days.
I would like to say how pleased I am that the Commission has now also tabled a proposal that will enable us to correct macroeconomic imbalances in future. Up to now, we have focused solely on finances and deficits of the cities, and that is completely inadequate, as the case of Ireland quite clearly shows.
What I am less pleased about is the way the Council works, as exemplified by the horse-trading between Mr Sarkozy and Mrs Merkel with a view to making the Commission’s sound proposals less binding, which will mean that the proposal will not lead to any improvements. We ought to remember what happened in 2005 when the Stability and Growth Pact was watered down. It was the same countries that created a situation at that point which, in the long term, was able to lead to what has now happened in Greece. I hope that the Council will get a grip on itself and realise what type of decision we need – otherwise we will not get ourselves out of this situation."@en1
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