Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-03-09-Speech-3-080-000"
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"en.20110309.7.3-080-000"2
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"Mr President, honourable Members, in today’s interconnected world, no country can remain unaffected by what is happening to its neighbours.
The Commission will also take whatever measures are necessary, both legislative and otherwise, to ensure that this new mechanism operates in full harmony with the EU’s responsibility for coordination and surveillance of economic and financial policies in all Member States.
Just look at the events in North Africa and just look at the debate which has just been concluded in this House, and I think that what is true in politics is definitely true in economics as well.
The crisis has shown just how great the risk of contagion is – particularly for the countries in the euro area – when one Member State finds itself in serious economic difficulty and how quickly this spreads to the rest of the countries.
Last year, we showed our determination to do whatever it takes to defend the single currency. Temporary instruments like the European Financial Stability Facility and the European Financial Stabilisation Mechanism have proved their worth, but the time has come for a permanent solution.
So as a complement to our reinforced system of economic governance, which was launched this January with the first Annual Growth Survey, we need to set up a robust institutional and financial mechanism to deal with possible future crises.
That is why the Commission supports a limited change to Article 136 of the Treaty. I know that some of you are disappointed with this approach. I have to say, the Commission shares your disappointment. Like both rapporteurs, Mr Brok and Mr Gualtieri, – who I very much thank for their excellent cooperation on these files – and, I am sure, most of Parliament, we would have preferred the Union to be fully in charge of this permanent mechanism.
But we understand why members of the euro area opted for an intergovernmental mechanism at this stage. Rest assured, however, that the Commission will be fully involved in work to set up the future stability mechanism with the finance ministers of the euro area and we stand ready to bring our expertise to the management of the stability fund if required, just as we did for Greece and just as we did for Ireland.
At the same time, the Commission will be vigilant in ensuring that the EU’s competences are not affected in any way.
In particular, although European Heads of State or Government agreed that Article 122, the legal basis for the European Financial Stabilisation Mechanism, should no longer be used to maintain financial stability in the euro area as a whole, President Barroso did not – as you know – associate himself with this declaration. Therefore, we are not speaking about the European Council conclusions, but the statement of the Heads of State or Government, in this respect. The Commission considers it to be a purely political declaration that does not affect the EU’s competences."@en1
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