Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-04-05-Speech-2-056-000"
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"en.20110405.3.2-056-000"2
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"Madam President, without wishing to underestimate the importance of recent decisions passed by the European Council, the defining quality of European decisions over the last year has been too little too late. This is not because important steps forward have not been taken; it is because we cannot use the past and what we did in previous times to stabilise and strengthen the euro area as our benchmark today; our benchmark must be how efficient we are in dealing with the crisis. Unfortunately, however, we are not efficient when it comes to the markets – just look at how the cost of borrowing has risen over the past few days for countries in the region, especially Portugal – and we are not efficient or persuasive, unfortunately, when it comes to the European public, who increasingly feels that Europe is part of the problem, not part of the solution.
The European Parliament, in two recent resolutions, and prominent figures across the entire political spectrum have pointed out that, if we want an effective and global response to the debt crisis, we need to seriously consider the possibility of a system for issuing Eurobonds. At the same time, the majority in the European Council tells us that this cannot happen, because it would create a moral hazard for fiscally healthy countries in times of crisis. While they cite the moral hazard in order to campaign against Eurobonds, they are creating a moral hazard at the expense of the countries with financial difficulties, by officially and unhesitatingly tabling the prospect of controlled bankruptcy and the involvement of private individuals in cost-sharing, thereby perpetuating the crisis by keeping the cost of borrowing unnecessarily high.
If we truly want private individuals to be involved and fairer cost-sharing, then we should seriously examine the question of a financial transaction tax as a matter of priority, so that some of the revenue can be used to finance the permanent mechanism."@en1
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