Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-25-Speech-2-472-000"
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"en.20111025.28.2-472-000"2
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"Mr President, do we really need a debate in this Chamber in Strasbourg at a time when the Heads of State or Government are doing everything in their power in Brussels, under the leadership of President Van Rompuy and the Commission, Commissioner Barroso, to take decisions tomorrow that are needed to pull Europe out of the crisis? A full radio silence has been agreed for this Sunday and the decisions will be announced only after tomorrow’s summit. What are we taking as the basis? Leaked draft documents, articles in the press?
However – and that is why we are participating in this debate – there is a lot of worry and a great sense of uncertainty amongst our citizens, because the crisis seems only to be deepening and the economic outlook worsening. Jobs for our citizens, our pensions, these important certainties are at risk. In this debate, I would therefore, on behalf of my group, encourage Heads of State or Government once again to take an ambitious approach. No partial decisions, but a comprehensive plan, a convincing approach, so that we can regain the trust of the financial markets and withstand attacks on our euro. We have got stuck for too long in political bickering and half-hearted solutions. That is why even the confidence that Europe is able to put things in order has been crumbling. We are now on the brink of ruin. There is no easy way out.
The origin of the debt crisis lies in Member States, but problems in some Member States are affecting us all. We share a common currency, from which we all benefit, year in year out. This also obliges us to work together in solidarity and to find solutions. Strengthening the EFSF and a European plan for capitalisation of the banks are essential for a lasting solution to the major problems in Greece and to restore peace to the financial markets.
The EFSF should have the firepower of a bazooka and the borrowing capacity should be much, much higher, but the independence of the European Central Bank must be properly safeguarded, because if the markets are bluffing about the euro, then we, too, must be able to bluff. We must stand up for our prosperity, our security and stability. The situation is so serious that we need to be able to support even banks and countries with major liquidity problems from this fund under strict conditions, because the risk of infection is around the corner. We must literally prevent banks from collapsing, because a stable financial system is vital for economic stability and that is about our jobs.
The banks and, where necessary, Member States are, first of all, responsible themselves for raising capital. The Emergency Fund should only be used when absolutely necessary. Likewise, recapitalisation should not constitute a reward for irresponsible policy. Instead, these two instruments must be properly linked to restructuring and a responsible remuneration policy, as also announced by the Commission. Banks need to be restored to lasting health, because for citizens, for our taxpayers, it is unacceptable that banks should be bailed out with taxpayers’ money again and again.
For that reason, we, too, in this House, need to speed up regulation for financial markets and the proposals before us – the deposit guarantee scheme, a balanced financial transaction tax – so that they can work. In addition, we should, before long, put forward proposals for a banking crisis mechanism, linked to a levy on banks.
The Group of the European People’s Party (Christian Democrats) welcomes the conclusions of last Sunday’s summit to accelerate the introduction of the ‘six-pack’. Moreover, a number of government leaders should take the responsibility to rapidly put their own houses in order. We must continue our efforts, especially in the euro area. It is also essential that we take important steps to that end in Eurotop’s conclusions tomorrow. The Euro Plus Pact must be enforceable and the Commission’s proposals, which should be implementable in Member States’ budgets, must be swiftly put into action.
Lastly, we should also have a fundamental debate about continuing economic and fiscal integration in the euro area and Europe as a whole, about our internal market. That debate also needs to address the issue of a change to the Treaties, but it is important that we have this debate with our citizens because public support for the European project is crucial."@en1
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