Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-01-18-Speech-3-028-000"
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"en.20120118.5.3-028-000"2
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"Mr President, I think that the Prime Minister has one priority, namely to find a way out of the two crises we are going through at the moment – the euro crisis, and the crisis concerning European values.
I think that one thing is crystal clear: the half-measures that have been taken over the last two years have not worked, and all the bilateral meetings between Mrs Merkel and Mr Sarkozy have not worked either. They only calm the markets for 24 hours, and then everything starts again. We have to say, as has already been mentioned here, that the recent decision of Standard and Poor’s has been attacked by all – or perhaps I should say most – European leaders. I am not a big fan of the rating agency either, but I think that, instead of complaining about them, the European leaders today should read their reports and the message they are giving, because what they are saying is in fact true.
I was disappointed that Mr Barnier, Mr Rehn and others reacted in that way because when you see – and when you read – what Standard and Poor’s is saying, it is true. They describe the lack of political courage and unity in Europe as the main problems at the moment. They describe the misinterpretation of the crisis. They are saying that it is not only a financial crisis – a fiscal crisis – but also a trade imbalance crisis. They describe the need – maybe it was the Socialists who wrote this – to help countries that are cutting their expenditure to achieve some growth too.
Thank you for the applause for Standard and Poor’s. So they are right that the crisis is far from over and that we still need a sustainable solution. Let us be honest about this. The solution is not on the table for the moment. What we need are stability bonds, common bonds – choose whatever name you want. The German proposal for a redemption fund is also a very good idea. But if you want this crisis to be over, you have to act now.
That is not just my opinion, or our opinion here; it is also the message from Italy’s Prime Minister, Mario Monti, in today’s
. He says that he is not complaining about the downgrading of the ratings: the problem is the persistent policy weakness at European level. He also says that he does not just need a pat on the back from Mrs Merkel, but a commitment regarding Eurobonds and the Eurobond market. He is right. There is no sustainable solution for Italy with today’s interest rates of six or seven percent. The only way that he can come out of this crisis is to continue with his economies and savings, but at the same time we must lower those six or seven percent interest rates on the Eurobond market. Otherwise we are asking an impossible task of Mr Monti. It is not fair to say that it is very good to continue with your austerity programmes and at the same time to continue having interest rates of six or seven percent.
The second point, Prime Minister, is that you have another crisis to tackle: the crisis concerning our values. Not just in Hungary: look also at what is happening in Romania today. I know that the Commission has started a number of infringement procedures. I hope that we will find a majority here in Parliament to launch the procedure based on Article 7 of the Treaty.
By the way, Mr President, congratulations. You will give me more time now, will you not? You are an Italian, you do that in Italy. My final question to you, Prime Minister, is very clear. The Commission is starting infringement procedures. We should be starting a procedure under Article 7 of the Treaty. My question is, what will the Council be doing over the coming days? Will you, Prime Minister, put it on the agenda of the next European Council? I think it would be a mistake if you do not do so. The core of Europe is not only about money and about the euro, but also about our liberties and our values."@en1
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