Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-04-05-Speech-2-037-000"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20110405.3.2-037-000"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spoken text |
"Madam President, the Euro Plus Pact might be useful, but it must not be used as an excuse for weakness in the legislative package. A strong commitment to the single market is key to competitiveness in the EU and therefore the euro area. That is welcome, but single market initiatives remain in the framework of the Treaty and the 27.
The ESM facility, I fear, lacks flexibility and is unsustainable for recovery with a two-and-a-half to three per cent risk premium. I understand the need for discipline and risk provision, but these rescue mechanisms are not for money-making, especially when there is self interest beyond eurozone stability, such as several Member State banks being supported by Irish taxpayers, as has been mentioned.
We have not solved the banking crisis, nor will we by being faint-hearted. Germany, even, has not recapitalised its own banks nor recognised impaired assets and also relies on the indulgence of everyone else in the EU and worldwide to allow silent participations as core capital, otherwise stress tests will be failed.
So, President of the Commission, President of the Council, let us have some vision, some humility, some honest self appraisal; the very least you can do is to treat risk premiums as collateral and give them back when the risk is gone. Small-mindedness will not save the euro and the markets know that."@en1
|
| lpv:spokenAs | |
| lpv:unclassifiedMetadata | |
| lpv:videoURI |
Named graphs describing this resource:
The resource appears as object in 2 triples