Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-07-03-Speech-2-056-000"
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"en.20120703.5.2-056-000"2
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"Mr President, let us first of all welcome a number of decisions that have been taken by the European Council. First of all, I think we should welcome the growth package that has finally been decided and the necessary provision for tightening the budget in the Union.
There is also the decision on a single banking supervisor. I should say: finally a decision. You will remember that two years ago, the Member States and the Council refused to go in that direction, as Parliament requested at that time. The Commission advised caution and said that we could do it later. Well, it is later now and I think it is a good decision. The only thing we should ask is that, if we create this new agency, we do not split it across three Member States. It has to be a real single supervisor with powers to close down banks in any Member State, and with no exception.
Mr Van Rompuy, I will not discuss the third decision: more flexibility for the EFSF and the ESM. Apparently, a number of Member States today have another opinion – mainly Finland. My question to you is what has been really decided now? Is Finland’s opinion and statement the right one? Is it necessary to have unanimity or not?
I think this is a key question. Why is it a key question? Because already today, if you look at the markets, you can see the effect of this attitude. The Spanish spreads had gone up again to 491 by mid-morning – that is almost 500 basic points – so we are not out of this crisis.
The main thing that we did in this European Council was to successfully borrow time again. How much I do not know. Is it days, is it weeks, is it months? But we must use this time in a good way. Why? Not like previous occasions, not like in December 2011, for example, when the European Central Bank performed two operations and injected EUR 1 trillion into the banking system. Some of us thought that the crisis was behind us, that the crisis was over. Well I think that we wasted time at the beginning of this year. Apart from the Fiscal Compact, no structural solution was found to the crisis at that time.
So my message today is that we should not waste time again. Is it really necessary to wait for an interim report in October and then for a final report by the end of the year? This is not an interim crisis. We need fundamental action now. I think it is better not to wait until October and then wait until the end of the year to take action.
We need to use the positive spillover from Friday’s decisions to launch directly the economic and political union we desperately need so we can show the outside world – our friends in the G8 and the G20 and the markets – that we have learned our lesson. So action is needed and, Mr Barroso, action means concrete legislation. My plea to you is very clear. We now have a window of opportunity only of a few weeks, not more than that – and if Finland continues in this way, it will even be destroyed within a few hours.
We must come forward, before September, with a concrete legislative package. I agree with Mr Daul that we have until September to do that and to put a legislative package on the table with three elements: firstly, a real banking union – not only supervision but also a deposit guarantee scheme and a joint resolution fund; secondly, a real integrated budgetary framework, including eurobills and a redemption fund – this crisis is not over if there is not at least the beginning of a redemption fund and a partial mutualisation of the debt; and, finally, democratic transparency and accountability.
So, Mr Barroso, use your right of initiative. Do not wait until the end of the year. Put this legislative package on the table for the Council and for Parliament."@en1
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