Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-27-Speech-4-104-005"

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"en.20111027.6.4-104-005"2
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"The agreement reached last night is equal to the situation in which we found ourselves. It is the start of a new chapter in the history of Europe. We owe this agreement first and foremost to France and to the incredible tenacity of President Sarkozy. The only battles that are sure to be lost are those that are not fought in the first place. President Sarkozy has convinced his colleagues from the other Member States and made the banks face up to their responsibilities. Greece would not be in its current position had the banks done their job properly and ensured that the country was able to pay back its debts. They took risks, and today, at last, they are bearing those risks by writing off half of the Greek debt. This crisis shows that we need more Europe, at least for the euro area, and I hope that we will move towards economic federalism by creating a true economic government in the euro area. Lastly, it is essential that we harmonise our budgetary and fiscal policies and make the golden rule an obligation for all the Member States."@en1

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