Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-30-Speech-3-058-000"
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"en.20111130.14.3-058-000"2
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".
Mr President, the crisis merry-go-round is turning faster and faster and more and more euro countries are being pulled aboard. Even the countries with the best triple A ratings, such as Germany, France and the Netherlands, are feeling the adverse effects caused by the financial markets, which are playing cat and mouse with the euro countries. All the measures that we have adopted so far to regulate them have had hardly any effect. We can therefore legitimately ask whether it is time to change the rules of the game. However, the decision on this needs to be made by the EU institutions and not by means of intergovernmental agreements, such as those envisaged by Ms Merkel and Mr Sarkozy.
The vicious circle of downgrades to countries’ ratings and rising interest rates has to be stopped. Therefore, we are making a decisive call for the evaluation of sovereign states by private rating agencies to be qualified and for the creation of an independent European agency. In addition, the European Central Bank must be allowed to buy bonds without restrictions. Ms Merkel seems to be ready to exchange her resistance to this for closer supervision of the budgets of individual countries and automatic sanctions. However, this involves allowing intervention in the sovereignty rights of individual states, in this case budgetary rights, which means that the inherent rights of national parliaments will be disregarded.
In future, the Commission aims to be able to force countries to make social security cuts, lengthen working hours and increase the retirement age. I can only warn against implementing this policy. The results in Germany show that it puts a very one-sided burden on the majority of the population. Consequently, the social divide will become even wider. The low-wage sector now covers 20% of all working people. More and more people are finding themselves living in poverty in their old age. By contrast, a few rich people are becoming even wealthier. As a result of this policy, social equality is no longer functioning and society is threatened with collapse. I am opposed to a future of this kind for the European Union."@en1
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