Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-27-Speech-4-084-000"
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"en.20111027.6.4-084-000"2
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"Mr President, Presidents, ladies and gentlemen, this morning my feelings are both of relief and concern.
I feel relieved because at least last night’s agreement exists as we could not risk another failure. The restructuring of the Greek debt takes the European contribution to more than EUR 200 billion, adding together private debts, the euro area stability fund and the public aid plan. The first stage of recapitalising the banks loosens the current stranglehold by increasing own funds. I particularly welcome the increase of the European Financial Stability Facility rescue fund to EUR 1 000 billion, at last, in my view, as the socialists have always believed that this fund was not sufficiently resourced.
However, as a European, let me share with you the reasons for my concern, which are serious ones. I fear that all we did last night was to increase our capacity to carry out a patch-up job, and that we neglected the foundations of our common edifice.
On reading this agreement, I can see grounds for two major reservations: firstly, its ‘short term’ nature. The measures adopted this morning relate exclusively to finance and in no way provide a long-term solution to the need for economic integration. This morning, the Council responded to the European banking, debt and euro crisis: that was a vital step. However, the lack of prospects for growth and the silence on economic convergence and employment allow some people to continue to speculate about how fragile we are.
At a time when we should be carrying out structural reforms to invest in and kick-start growth, we are recommended to opt for the ‘Euro Plus Pact’. We do not accept that. Let us not replace excessive dependency on the market by dependency on competitor nations which do not comply either with social or environmental standards.
The second reservation: budgetary authoritarianism, which adds enforcement to austerity. In point of fact, we face two crucial tasks today: to clean up our public finances and to kick-start growth. The balance between these two must be a political choice. It flows from a decision that we make for the people of Europe that we represent. The Court of Justice should not be a substitute for political will and our duty to show solidarity. We must not revise the treaty under pressure from speculators. The choice of further integration is our political duty, and that of this Parliament."@en1
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