Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-07-03-Speech-2-077-000"
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"en.20120703.5.2-077-000"2
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"Mr President, ladies and gentlemen, we have a massive crisis of confidence, and therefore expectations of the last summit were relatively high. The summit was scarcely any different from earlier summits, with one exception: seldom have the negotiating tactics – which sometimes bordered on blackmail – and the differences between the negotiating partners been played out so clearly to the outside world as this time. In the end, agreement was reached on Friday morning.
However, it turns out that, when it comes down to it, the consensus reached was only a formal compromise, which was then called into question again just 72 hours after being reached. The Dutch and the Finns have already announced that they do not support the buying of government bonds on the secondary market. The markets, which had, until then, reacted positively, are now also beginning to question and smear the result.
I expressly welcome the fact that it was decided at the summit to get serious about creating a real banking union. If we have a common economic area and currency area, then we also need a genuine functioning internal market for financial services. Naturally, that includes bank supervision, but it also includes a banking resolution and rescue fund, and ultimately it also includes a deposit guarantee system.
All that will take time, and I hope that the European Parliament will be adequately taken into consideration at least in the first step, the construction of supervision at the European Central Bank, and things will not continue as they have done recently.
This summit was definitely not the great breakthrough. It was not a great act of liberation. The citizens are just as uncertain as before, and I fear that we will continue to muddle along. I can only hope that we have enough time in which to find the ultimate solution."@en1
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