Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-07-03-Speech-2-079-000"
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"en.20120703.5.2-079-000"2
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"Mr President, this summit marks the first steps for Europe towards a banking union, and the potential recapitalisation of banks with difficulties in those countries presently in turmoil, such as Spain and Italy, is definitely a step forward. Direct aid from the European Stability Mechanism (ESM) to the banks can only take place once a European banking supervisor has been set up. That is also a step forward.
Despite this, Mr Van Rompuy, let us not be naïve. Some crucial issues remain unresolved. We will still need a good many more EU summits in order to try to provide the answers of economic and monetary integration in the euro area, put simply, political integration. For we cannot guarantee a growth model that is based on public spending without the consolidation and cleaning up of public finances. There cannot be financial solidarity without budgetary, fiscal, and social harmonisation. The premise is simple: we do not pay off debt by creating more debt. We know that by pooling the debts of countries that do not have the same economic and budgetary policies, we will endanger some Member States by committing them to guaranteeing debts that they do not control.
Naturally, I hope that France will very quickly ratify the Treaty on Stability, Coordination and Governance, which was signed last January and could not, of course, be renegotiated. However, Mr Monti has operated very well. However, it should strengthen the bonds of trust between Member States, since it is not desirable to provoke them, nor is it desirable to strongly oppose Germany. It serves no purpose. The Franco-German psychodrama is not in anyone’s interest and this is not the best way to address Europe’s future at this difficult time."@en1
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