Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-01-19-Speech-3-025-000"
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"en.20110119.4.3-025-000"2
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"Mr President, ladies and gentlemen, a law has been passed in the United States requiring the Federal Reserve to detail how much of the USD 3 300 billion rescue package has gone to which banks.
I wonder whether it would be subversive to ask you to adopt the same transparency criteria, unless the finance and banking super-lobby blocks it. Let us consider the situation: what future is there for this forced Union of free countries, which is based on the stronger countries bailing out the weaker ones?
Technically, do we want to acknowledge reality, which is that the euro is a virtually bankrupt currency? How can we think of forcing countries with a weak economy to use it? Is a centralised monetary policy acceptable for countries that have such decidedly diverse interest rates?
Mr Trichet himself, who has denied the danger of the European Central Bank becoming insolvent, does, however, admit that one of the reasons behind increasing its capital is to face up to the credit risk, in other words, the insolvency of the bonds purchased. It is also time for new stress tests on the largest banks and to give greater weight to high-risk bank debts, as the Minister for the Economy has requested."@en1
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