Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-28-Speech-3-243-875"
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"en.20110928.19.3-243-875"2
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".
The European debt crisis has been a reminder to us of what happens if people do not keep to common rules. The Stability and Growth Pact, which was drawn up to prop up the euro, has been neglected – recklessly, and even with relish. When we have left the current maelstrom behind us, with or without style points, we will hopefully have learned something from what happened.
The legislative package before us indicates a healthy change in our way of thinking. Especially welcome, I think, are the default position by the Council of Ministers on the passing of sanctions as a result of breaches and the decision requiring a qualified majority to abrogate them.
Financial sanctions for poor management of finances, however, are not the best possible approach. They basically make it harder for the renegade country to reach the permitted limit values, besides which the loopholes intended to lighten the burden reduce the likelihood that sanctions will be put into effect, to the extent that the real deterrent effect of sanctions is questionable. That is why I think it is a worthwhile option for a Member State to lose its right to vote in the Council, either partially or fully, in situations in which financial sanctions would not be an effective solution.
Although Ms Goulard’s report is largely a step in the right direction, I must vote against it, because it shows support for the so-called Eurobonds. I would like to remind everyone that it is laid down at Treaty level, and for a good reason, that Member States are not liable for each other’s commitments, nor will they assume responsibility for them. The deployment of supranational bonds would be a glaring contradiction of this point in the Treaty. Ultimately, each Member State must earn the trust of the markets by being responsible for its own solvency and by bringing its economy into balance."@en1
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