Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-01-19-Speech-3-021-000"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2011-01-19"^^xsd:date2
dcterms:Is Part Of	lp_eu:Conclusions of the European Council meeting on 16-17 December (debate)2
dcterms:Language	"es"^^xsd:language2
lpv:document identification number	"en.20110119.4.3-021-000"2
lpv:hasSubsequent	lp_eu:2011-01-19-Speech-3-022-0002
lpv:speaker	lp:José Manuel García-margallo Y Marfil2
lpv:spokenAs	substitute; Delegation to the ACP-EU Joint Parliamentary Assembly (2009-09-16--2011-12-20)3 member; Special committee on the policy challenges and budgetary resources for a sustainable European Union after 2013 (2010-06-17--2011-06-30)3 vice-chair; ECON (2009-07-16--2011-12-20)3 member; Delegation to the Euro-Latin American Parliamentary Assembly (2009-09-16--2011-12-20)3 member; Special Committee on the Financial, Economic and Social Crisis (2009-10-08--2011-07-31)3 chair; Delegation for relations with the countries of the Andean Community (2009-09-16--2011-12-20)3 unknown; Partido Popular (2009-07-14--2011-12-20)3 member; Conference of Delegation Chairs (2009-09-16--2011-12-20)3 substitute; IMCO (2009-07-16--2011-12-20)3 member_of_the_bureau; EPP (2009-09-16--2011-12-20)3
lpv:translated text	"Mr President, anyone who reads the newspapers today will find out two things: that we are at a crucial point in the sovereign debt crisis, and that the European response is a succession of isolated provisions with no internal consistency. Even now, we have on the table the European Semester, the economic governance package, the provisional and permanent rescue strategy, the so-called ‘Eurobonds’ to cover part of the sovereign debt that is considered to be secure, plus an action plan based on the European Investment Bank and bonds for specific projects, which is in the proposal that the Commission sent us on the internal market. The first thing that the rapporteurs are trying to do is to combine all of this and create a complete design, a final picture to be shown to the public. Secondly, this design needs to be a European design that does not divide Europe in two – let us not stumble into a two-speed Europe – and that pursues two objectives with equal intensity: budgetary discipline – as much as is necessary – and economic growth to bring us out of the crisis that we are in. I have one comment regarding the rescue mechanism to which the President-in-Office of the Council was referring. In his first statement, he said that private investors would participate in the rescue plans, which caused shock and led to a protest by the President of the European Central Bank. It was explained, as Mr Van Rompuy did just now, that firstly, it would be case-by-case – who decides and based on what criteria? – and secondly, that it would be done according to the criteria and policies of the International Monetary Fund. The only case in which the International Monetary Fund has used this type of rescue plan was in Argentina in 2003; it plunged the country into chaos, from which it has still not emerged, and the private bondholders have still not been paid. Regarding Eurobonds, many issues have been set out here today. I would just like to add two more. It would create a market as liquid as that in the United States, and would give a boost to the euro as a reserve currency, enabling the central banks and sovereign funds to invest their reserves here. My final comment is that this needs to be complemented by the European Investment Bank and the specific bonds to respond to growth."@en1
lpv:videoURI	<go to Events_and_structure europarl>2

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