Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-12-13-Speech-2-065-000"
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"en.20111213.5.2-065-000"2
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"Mr President, I welcome the substance of the agreement reached, a binding commitment to macrofinancial debt brakes and fiscal rigours, and strengthening the firewall and firepower of the ESM. The question is, are those instruments sufficient? This remains an open question. I welcome the wide, inclusive front of – hopefully – 26 Member States. It is not 17 plus, it is 27 minus. We should preserve the unity of the Union and avoid a two-speed Europe at all costs. The dividing line, unfortunately, is between those willing and those unwilling, not between eurozone and non-eurozone. We are all in the same boat. It is a crisis of excessive debt, not a crisis of the euro currency.
I am extremely concerned by the method chosen, i.e. an intergovernmental agreement. The third best option was chosen and the lowest common denominator applied. It has one key deficiency: it is outside the single institutional framework of the EU Treaty and its institutions. It has three deficiencies. It is weaker in terms of enforcement – no EC, no ECJ; it is weaker in terms of democratic scrutiny legitimacy – no European Parliament; and it weakens the Community method as such.
We have to try to remedy the shortcomings of this imperfect compromise. The European Parliament should be invited to be associated with the agreement, because in future it will be part of the
. We should provide for the repatriation and transposition of this fiscal union agreement into the EU legal order and Treaties and institutions. The rights of the European Parliament in this new agreement should be guaranteed and safeguarded."@en1
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