Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-03-23-Speech-3-049-000"

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"en.20110323.15.3-049-000"2
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"I saw it as my duty, as a Member of Parliament, to achieve the maximum possible level of democratic control and integration of the European stability mechanism in the negotiations. The result is thus a great improvement on the original proposal. I am therefore voting in favour. However, I would like to set out my basic objections to the route upon which we have embarked. The ordinary Treaty revision procedure should have been required for the ESM. This would have enabled it to be set up within the Community framework with democratic participation and control. Reverting to the intergovernmental method is fatal. We are privatising (speculative) profits and socialising the losses. That is the wrong way to go. We let taxpayers suffer, but protect the banks, asset managers and speculators. The public sector is lending money to the banks here. It is the public sector that is bearing the costs – not the private sector. Without a fundamentally new concept of money and clear legal rules for the banking and financial sector we will continue to be only ever treating the symptoms, without remedying the underlying causes."@en1

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