Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-12-13-Speech-2-067-000"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2011-12-13"^^xsd:date2
dcterms:Is Part Of	lp_eu:Conclusions of the European Council meeting (8-9 December 2011) (debate)2
dcterms:Language	"es"^^xsd:language2
lpv:document identification number	"en.20111213.5.2-067-000"2
lpv:hasSubsequent	lp_eu:2011-12-13-Speech-2-068-0002
lpv:speaker	lp:José Manuel García-margallo Y Marfil2
lpv:spokenAs	substitute; Delegation to the ACP-EU Joint Parliamentary Assembly (2009-09-16--2011-12-20)3 vice-chair; ECON (2009-07-16--2011-12-20)3 member; Delegation to the Euro-Latin American Parliamentary Assembly (2009-09-16--2011-12-20)3 chair; Delegation for relations with the countries of the Andean Community (2009-09-16--2011-12-20)3 unknown; Partido Popular (2009-07-14--2011-12-20)3 member; Conference of Delegation Chairs (2009-09-16--2011-12-20)3 substitute; IMCO (2009-07-16--2011-12-20)3 member_of_the_bureau; EPP (2009-09-16--2011-12-20)3
lpv:translated text	"Mr President, I would firstly like to say that the intergovernmental treaty was the only possible solution in an emergency situation. However, this treaty means a redistribution of sovereignty, a new social compact, and requires greater involvement on the part of the Commission and Parliament in order to give it legitimacy. What was the aim of these agreements? Two things, as President Van Rompuy has said. Firstly, to convince the markets that we want to continue together, that this is not a pegged exchange rate system that can be reversed at any time, and secondly, to stabilise the markets. I agree that, over the medium term, fiscal union was absolutely essential, because this crisis has been caused in part by government excess. However, it is not just the excesses of governments that have caused the crisis. Ireland and Spain had sound public finances and yet they are also in difficulties, because they were not competitive enough, because there was too much private indebtedness. This is why I place enormous importance on correcting macro-economic imbalances, which has gone somewhat unnoticed, and enormous importance on the issue of growth, which has gone unnoticed too. The uncertainty is greater with regard to stabilising the markets. I agree that we have corrected the private participation mistake: it was an error and we have put it right now. We have made a little progress on rescue mechanisms, but I am not sure that the provision made will be sufficient and that we will have the financing resources to make them effective. There are questions about leveraging the temporary mechanism and doubts about the permanent mechanism. Mr Barroso, I ask you to continue with the basket of bonds that, in my opinion, would be a good way of financing this fund. It would overcome the fragmentation in the debt market and make sovereign debt a risk-free asset once again. The European Central Bank will only act if it believes the summit will bring security, and we will see in the coming days whether it does or not. However, if it does not, it will have to seek alternative options, because we cannot go into battle against the crisis with one arm tied behind our backs. If the Member States have to insure against possible losses, then let them do so, but let us find a way of stabilising the markets that, may I say, are not doing well at all right now."@en1
lpv:videoURI	<go to Events_and_structure europarl>2

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