Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-06-Speech-3-137-000"
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"en.20110706.3.3-137-000"2
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"Mr President, I want to say a few words about Eurobonds and the governance reform in relation to the growth policies referred to in Ms Berès’ report. I want to underline one important point about Eurobonds, namely, that this House will get a very meaty and substantial response from the Commission about the way forward on Eurobonds, at the latest six months after the Council and Parliament reach agreement on the economic package.
We have already promised – and I can assure you again – that, as soon as we have agreement on the package, the brightest and best minds of the Commission’s Directorate-General for Economic and Monetary Affairs will be put to work on a very substantive report for this House, which you will have on your desks within six months. This sequence is simply a matter of common sense. If we do not have stronger economic governance and greater discipline in the euro area in particular, what real hope is there that Eurobonds will take off and will deliver the benefits your report anticipates?
Without prior serious reform of economic governance, and real discipline and economic coordination, Eurobonds would quickly turn to junk bonds.
Next, on the reform package, I am sorry some of you do not share the Commission’s view that the package should be one of our key priorities at this critical juncture. However, I am encouraged by those of you who do share that view. I make no apology for returning to this issue from a different angle.
Any programme of reform needs to be prioritised and sequenced. If you are addressing a problem, you need, as the first priority, to tackle its root cause. Therefore, we have to ask whether we are in the mess we are in because we did not have a different arrangement for external representation of the euro area. The answer is ‘no’. Are we in this mess because Germany and Italy issued their own debt instruments? No. Are we in this mess because of inadequate investment in tertiary education? No. These are all important issues, but let us recall that we are in this mess mainly because of fiscal indiscipline, even in good times, and because we failed to identify and act on important macro-economic imbalances. We are where we are because we did not have sufficient commitment from the Member States to meeting their European obligations, and because the economic leg of economic and monetary union has always been too weak.
If we cannot see this, and if we cannot act decisively to remedy it, then all of the rest is just rearranging the deckchairs on the
. The legislative package is all about putting the ‘economic’ back in economic and monetary union. Assuming that we get through this current crisis, which is not a foregone conclusion, it is all about preventing the next crisis. It is really fundamental. It is about the Community method; it is about economic stability, the foundations of sustainable growth and improving employment; and it is about European coordination and solidarity.
In short, it is about keeping the European project alive and kicking."@en1
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