Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-30-Speech-3-063-000"
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"en.20111130.14.3-063-000"2
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"Madam President, we have gone far enough down this path. When the diagnosis is wrong, the medicine has no effect. In the case of the euro area, successive types of medicine have been leading it to the brink of death.
Successive miraculous solutions that have been suggested have been equally discredited by the markets. The European Financial Stability Facility, the successive constraints to strengthen the Stability and Growth Fund, the
’s measures in countries covered by bailout programmes, and the blind discipline without growth have created a wave of recession between economies that are totally interlinked, which have, therefore, contaminated each other with bankruptcies and unemployment. One by one, governments are falling into the clutches of the markets – in other words, the credit rating agencies – and solvent countries are becoming insolvent.
Treaty change now is yet another step along this disastrous path, but it is worse than that: we risk destroying the remnants of national sovereignty, by putting countries into the hands of the Court of Justice of the European Union. There is no need for Treaty change. What we need, in this emergency in which we find ourselves, is to make two decisions. Firstly, we need to set out a genuine agenda for sustained growth and cohesion. Where is the Europe 2020 strategy? Where is the budget for relaunch? Where are the projects and project bonds for Europe’s key investments? Secondly, we need to protect sovereign debt. Naturally, there is a need for Eurobonds, but in this emergency in which we find ourselves, there is an urgent need for the European Central Bank to, directly or indirectly, defend sovereign debt from speculators. This should not be done shamefacedly, but with a definitive, decisive position, as is incumbent on any central bank defending its currency and the economy that supports it.
What is needed, to this end, is not Treaty change: what is needed is political will and belief in Europe. Let us change the Treaty when we have learned all the lessons from the present crisis: there is no shortage of lessons to be learned, but this is surely not the time."@en1
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