Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-30-Speech-3-053-000"
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"en.20111130.14.3-053-000"2
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"Mr President, I think that the end game is coming closer. According to the specialised press – I am quoting the
of today – international companies have started preparations for the break-up of the euro zone. That is the reality today. Italy yesterday managed to raise EUR 8 billion on the markets at an interest rate of 7.56% and the yield for three-year bonds was even higher, nearly 8%. And it is not only a question of Italy or a question of Spain or a question of Greece or a question of Ireland, for a few days now it has also been a question of Germany, which is not capable of raising the necessary money in its own auction that it launched a few days ago.
So I think that we are fast approaching the breaking point of the euro. Let us be blunt about this, it is not because of Greece and it is not because of Italy. It is because of the incapacity of the two main players today in European politics, the incapacity of Merkel and Sarkozy to deal with this crisis. That is the euro crisis of today; their incapacity to find a solution.
I think there are a few Germans here, the supporters of Mrs Merkel. Well, today Merkel and Sarkozy are not the solution; I think they are the obstacle to the solution of the crisis. Let us be clear. Merkel is excluding Eurobonds, is resisting a bigger role for the European Central Bank; she is even against the idea of her own wise economists. In other words she is denying greater solidarity. That is the German position.
Sarkozy, for his part, is opposing a real fiscal union. In other words, yes, he is in favour of a fiscal union but in reality he still wants a political reading of the sanctions mechanism, and he is even opposed to the fact that the Court of Justice of the European Union should have the right to intervene in the budget. So in fact the French position of today is still defending the old ‘Deauville deal’, as if Parliament had not changed the Deauville deal and the ‘six pack’, and has voted another ‘six pack’ a few months ago as if there were no euro crisis.
So let me say it very openly. It is true that Germany and France have, in the past, made agreements which have been beneficial and important for the Union; today, however, they form an obstacle to the survival of the Union. Today all who do not want to give up the Union and the euro have, in my opinion, to stand up and to say no to this; we have had enough of their half measures, their bad compromises and their deals that only calm the markets for 24 hours, which is the only thing they are capable of doing for the moment.
The time is right today to say yes to an economic union, to a political union, yes to a Eurobond market and yes to the proposal of the five wise Germans. It is time to say yes again to the euro."@en1
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