Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-06-13-Speech-3-274-093"

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"en.20120613.24.3-274-093"2
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"I essentially approve of the Commission proposal that a Member State whose currency is the euro be subject to enhanced surveillance when it is experiencing – or is at risk of experiencing – severe financial disturbance. Such a state should be swiftly returned to a normal situation and the other euro area Member States should be protected against possible negative spillover effects. The decision-making procedure should be adapted. In order for action to be taken swiftly, it should be the Commission’s responsibility to take the necessary decisions, including placing a Member State under the enhanced surveillance procedure. The Council should be able to repeal such a decision by a simple majority vote within 10 days. I also agree with the proposal to create a system of legal protection applicable to a Member State which is at risk of being, in the near future, in a persistent state of default. The Commission should have the possibility, after consulting the Council, of deciding to place the Member State under a legal protection arrangement which would entail, in particular, the suspension of ‘close-out netting’ or ‘credit event’ provisions."@en1

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