Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-12-01-Speech-4-066-000"
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"en.20111201.3.4-066-000"2
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"− Mr President, dear colleagues, thank you very much for your contributions to this debate. Mr Draghi, the ECB has rightly intervened and has prevented an even bigger disaster. The ECB has saved many Europeans from again experiencing massive bank runs. It seems that the financial markets do not trust the eurozone as an irreversible monetary union.
However, the pressure of the financial markets can help force the most indebted countries to curb their budgets and to increase their competitiveness. The crisis is an opportunity for more fiscal union, to underpin monetary union. The old nation states have to lose a part of their fiscal sovereignty.
The European crisis is also a political crisis. European citizens have discovered that the European Union does not have its own instruments to act against a huge crisis and that the European Union does not have its own resources to develop its own policies. The European Commission has been greatly weakened also by a lack of democratic legitimacy. Its President should be one of the Members of this Parliament.
Mr Draghi, good luck with your work; more than ever, in the ECB we trust."@en1
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