Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-30-Speech-3-068-000"
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"en.20111130.14.3-068-000"2
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"Madam President, firstly I should like to pay tribute to the Polish Presidency for its dynamism and determination.
Next week, in the Council, our Heads of State or Government are going to have to take decisions that will be crucial to the future of the euro area, to the future of the Union. They are also going to have to give serious thought to boosting growth.
That being said, it is clear today that financial stability has become the top priority and that the pressure on euro area countries that is coming not only from outside, but also from within, the euro area is destroying our credibility and undermining confidence. If we are to have any hope of restoring confidence, we need to restore financial stability and stop the terrible increase in national deficits and sovereign debt.
Financial stability has therefore clearly become the top priority and an urgent requirement for us all. Moreover, our democracies have all invested in very courageous programmes to consolidate their public finances and reduce their debt, and financial stability is also the prerequisite for any return to growth. However, when we say financial stability and budgetary restraint – because the two go together, of course – we should also include in that solidarity. I feel it is important to ensure this interplay between financial stability, budgetary restraint and solidarity.
One final word on democracy. We must be careful not to disempower our democratic institutions. Rather than contemplating the use of a judicial mechanism to, say, punish countries for any budgetary excesses, let us think about supervisory and penalty mechanisms that democratic institutions can use."@en1
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