Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-05-22-Speech-2-367-000"
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"en.20120522.18.2-367-000"2
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"Mr President, the summit tomorrow is the 18th special summit which has been organised since the start of the crisis in December 2009 – the 18th, and every time those organising these summits say ‘Yes, this is a final summit, it is an important summit, it is a summit where we shall tackle the real origins of this crisis’.
Only two months ago, you remember Mr President, in this room, there were a number of EU leaders who said that the crisis was behind us – that it was over – and they were wrong. They were dramatically wrong because this euro crisis started with Greece, a country that has an economy representing only 2% of European GDP, but today we are facing another crisis with Spain, which is the fourth economy of the eurozone, and with Italy, the third economy of the eurozone. Together they add up to something as big as the German economy, and these two economies, these two countries, are paying interest rates of more than 6% and we have spreads today of more than 500 basic points. That is today!
So let us be clear: not only is this crisis not over, but it is not about Greece. It is not a crisis about Portugal; it is not a crisis about Ireland; it is not about Italy or about Spain. It is, in my opinion, not even an economic crisis or, indeed, a financial crisis. It is simply a political crisis that we face today in Europe, because our leaders today are unable to take the right decision at the right time. They are unable to create what we need, which is an economic and fiscal union alongside the monetary union, and the fact that the current situation is so dramatic is their responsibility.
They have, in fact, transformed what was a small financial crisis in December 2009, involving just 2% of European GDP, into a crisis of unforeseen magnitude today. That is the main topic for a NATO summit. The euro crisis is a NATO summit topic today, and the other leaders of the world are pointing the finger at Europe. Why? Because three things are necessary but our leaders are not capable of deciding on them. First of all, we need a real economic and fiscal union. Secondly, we need to mutualise the debt with a redemption fund as quickly as possible if we want interest rates to go down for countries like Spain and Italy. Thirdly, we need a growth pact to relaunch the European economy.
My plea today is not to the Council or to the Member States, whose interests the Council chiefly defends. My plea is to the Commission: it has the right of initiative. The ball is in the court of the Commission. Mr Obama is waiting for it; we are waiting for it; even Mr Cameron is waiting for it. What are you waiting for? That is my question today.
My proposal is double. Firstly, I ask that the Commission should put on the Council table a proposal for a redemption fund because that will have a positive effect on the markets, and it will be impossible for even Ms Merkel to deny it or refuse it. Secondly, I am asking for a growth package to be put on the table. We know the various elements of that: increase the capital of the European Investment Bank; use the unspent money of the European funds; and launch project bonds – and that brings me to my final point.
Let us be blunt: they told us that tomorrow they would announce project bonds as one of the instruments for economic growth – a proposal worth EUR 230 million. That is the proposal which is on the table today. But we need billions, Commissioner, not millions, and we need not a temporary solution, as they are discussing, but a permanent solution for growth in Europe. So my plea to the Commission is this: use the right of initiative that only you have, and put on the table tomorrow a real proposal for project bonds, a real proposal for a redemption fund and a real proposal for a real growth package for Europe."@en1
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