Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-06-Speech-3-129-000"

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"Mr President, today’s document marks the end of the second mandate of our special committee, the Special Committee on the Financial, Economic and Social Crisis. While our first report drew up solutions to current problems – bank levies, the certification of hedge funds, a financial transaction tax – we are now setting out our vision for 2013 and beyond. We need rules for effective crisis management, greater integration between the Member States and sustainability in employment and growth policies. Budgetary discipline must become our new watchword, from the regions right up to European level. The Stability and Growth Pact, which has been undermined for years, now needs to be replaced with a robust monitoring system from which no member of the euro area can be exempt. We need decisions. Do we need a European finance ministry, as proposed by Mr Trichet, President of the European Central Bank (ECB)? Are Eurobonds to be introduced, in combination with stricter adherence to regulations? Is the European Stability Mechanism (ESM) to develop into a European debt agency? How can we break the dominance of the credit rating agencies, which have been proven completely wrong so often in the past? How are the banks to be made to play a more stable role in resolving the crisis? We do not need renationalisation as a result of fears and anxieties; we need more Europe."@en1
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