Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-06-Speech-3-101-000"
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"en.20110706.3.3-101-000"2
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"Mr President, Mr Vincent-Rostowski, Mr Rehn, you have focused your comments in this debate on economic governance, that is to say, on the package of six directives that are currently being negotiated. The specific purpose of this report is to integrate this work but, also, to go beyond it. It also aims to indicate a path, a vision that goes beyond the very short-term discussions in which you are rightly involved. However, do take the time to read this report because it outlines a majority view. It is not just the view of the Group of the Progressive Alliance of Socialists and Democrats in the European Parliament, the Group of the Greens/European Free Alliance, the Group of the Alliance of Liberals and Democrats for Europe or the Group of the European People’s Party (Christian Democrats). It is a vision that results from a compromise, a compromise reached by a majority.
Examining its contents provides a breath of fresh air with regard to the current situation. What is the issue at stake today? The issue is working out who will be paying for the crisis, who will be paying for these 20 percentage points of public debt, accumulated over three years, to save the markets, the banks, and Europe from a very significant recession. By continuing to focus on the issue of public finances, you are targeting the fire-fighter rather than the arsonist. If the Member States have spent 20 points of their Gross Domestic Product in additional debt, it was not for the pleasure of doing so, but because they had no other choice.
In solely considering the consequences and limiting yourselves to a European policy focusing on managing the consequences of this crisis, and not the causes, I think you are missing the point and you are causing pro-European opinion among Europeans to become significantly weaker. We know that today, we are threatened by this trend and this isolationism.
The second major issue which this report seeks to address concerns the balance of power between the Member States and the markets. We created the euro, in part, to prevent the markets from speculating on our currencies. That is what we saw in the 1990s. Currently, we are at the point at which we must prevent the markets from speculating on our public debts and, in order to do so, we have two tools available to us. The first is Eurobonds, which would involve mutualising our debt to ensure a deep liquid market, such that it is no longer possible to speculate against the single public debt market. The function of the second tool is to limit the capacity of the financial markets to speculate on public debt through a number of instruments. This is the path that a majority in Parliament is ready to propose to you. Seize this opportunity, President-in-Office, on behalf of the Council, and Commissioner, on behalf of the Commission."@en1
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