Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-03-09-Speech-3-097-000"
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"en.20110309.7.3-097-000"2
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"Mr President, response to the sovereign aspects of the economic crisis was slow. Initially, the markets punished inadequate responses. Recently, there has been a respite. Now, some bond interest rates are creeping up again into the unsustainable zone.
Rescue arrangements that were made have been shown to need change and with the best will, I doubt that the next attempt will be one hundred percent correct, let alone future-proof.
Therefore, we need a permanent funding mechanism that is flexible, not least to enable early intervention if that is the most effective remedy. This is not such a wild idea. The IMF does it. But, of course, there have to be boundaries, priorities and governance.
So we need a Treaty change that enables evolution, not a Treaty change that leads to embroilment in what is meant by ‘indispensable to the euro area as a whole’, which, at the very least, suffers from size discrimination.
Even strong euro area countries need the stability mechanism because of the interconnectedness of the banking system and sovereign debt. It is not a coincidence that the ECB calls for a fund large enough to cope with euro area bank recapitalisation.
And on interest rates, a balance has to be struck between sustainability and moral hazard, but the end-of-the-day position cannot be that Member States extract rent greatly in excess of costs."@en1
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