Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-12-01-Speech-4-049-000"
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"en.20111201.3.4-049-000"2
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"Mr President, it is not a mere stroke of bad luck that we find ourselves close to the edge of a catastrophe. It is simply a calculated act of brinkmanship on the part of all actors involved in the fate of the euro which has brought us to this point.
‘Brinkmanship’ is defined as a calculated practice of pushing a situation to the brink of disaster in order to win an advantage from your opponent. We have witnessed brinkmanship by the creditor countries in the eurozone in order to extract the best terms possible from the debtor countries by minimising moral hazard and thus ensuring that they participate fully in the austerity programme laid out for them, as per the conditionality clause, and to do this with the consent of the majority of the population in one form or other; brinkmanship by the indebted countries, knowing full well that it is not in the interest of the eurozone paymaster to let them default; brinkmanship by the European Central Bank, which refuses to be drawn into the position of lender of last resort with the hope that the eurozone will find its own political solutions; brinkmanship by those in the European Parliament who spent endless hours upping the sanctions within the ‘six-pack’ and making sure that this time round, they securely lock the stable doors, ignoring the observation that the horse has already bolted; and brinkmanship by the Council, who earlier on in the year made such words as ‘eurobonds’ and ‘voluntary haircuts’ taboo, hoping that the ‘six-pack’ would provide a silver bullet.
However, brinkmanship through a valid process has its dangers. We are in danger of going down in history as a political class who, because of being smart with these actions and strategies, presided over the collapse of the euro and global depression. Technically, the solutions have been known to all who wanted to see and listen. In whatever shape or form, they include instruments which combine an element of joint liability among all eurozone Member States and a watertight solution to the moral hazard issue. So let us act collectively on these core principles, for the rest is detail. But we must act now before it is too late."@en1
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