Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-02-01-Speech-3-048-000"

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"en.20120201.12.3-048-000"2
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"Mr President, ladies and gentlemen, commenting on the rather forgettable conclusions of the summit on 9 December, we said that this Parliament would watch and work to limit the damage of that unfortunate choice. This has been the case. Parliament’s united commitment in the difficult negotiations that have taken place has definitely helped to prevent even worse developments. There was a real risk that the new treaty would seriously undermine the law and the common European institutions, by establishing standards, mechanisms and procedures external to the Union and in contradiction with its laws. That is no longer the case. Parliament, the Commission and the President of the European Council have averted this danger. Now the treaty will have to be implemented through EU legislation. The parameters for defining deficit and debt levels have been substantially, although not completely, brought back into the context of the current regulatory framework, and the dreadful possibility of having a new parliamentary institution has been averted. But even though we have significantly limited the damage, the fiscal compact is not an adequate response to the crisis. There are still unacceptable and unwise aspects, such as the limitations on the presence of Parliament at Euro summits. From a legal perspective, the Court’s power to impose sanctions seems highly dubious. Only if the proposals that Parliament put forward with one voice in its resolution – financial transactions tax, project bonds, stability bonds – are finally adopted, can Europe overcome a crisis that unidirectional fiscal discipline threatens to aggravate."@en1
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