Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-07-03-Speech-2-084-000"

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"Mr President, it has been said that, in order for things to get better, sometimes the chaos needs to get worse. The feeling of powerlessness was such that Europe was forced to react, and it did so for the good of everyone, because the big winner of this summit was the euro. This triumph has revived the hope that Europe is emerging from its paralysis, moving from thought towards action. Ladies and gentlemen, it was essential to adopt short-term measures at this summit, in order to guarantee financial stability, along with long-term measures, in order to solve the Union’s shortcomings. In this case, immediate action was essential in order to continue working towards what is important. The imperative result was to send a message that the euro is a joint, irrevocable and irreversible project. Ladies and gentlemen, we welcome such important decisions as giving the European Stability Mechanism the facility to recapitalise banks directly, which will break the vicious circle between banking debt and sovereign debt; incidentally, the current Spanish Government has always advocated this theory. It will also help in terms of intervening in markets to support the public debt of the countries that are fulfilling their public deficit and reform commitments. These decisions were necessary in order to guarantee financial stability, which must be the European Union’s highest priority in the short term. Ladies and gentlemen, this is not the time for some countries to resort to nationalist maxims and throw up obstacles. As I have already said, it is the time to support Europe. Ladies and gentlemen, Spain is providing and implementing, in record time, the most ambitious reform agenda in the history of Spanish democracy, which includes major employment reforms. It is also carrying out a financial reform, based on complete transparency, all of which demonstrates its commitment to fiscal consolidation and hitting its deficit targets. We also welcome the decision to launch a process for greater economic integration, using four building blocks: banking union, fiscal union, a common economic policy framework and enhanced democratic legitimacy. Mr President, the history of first the Community and then of the European Union has always shown that, not only do we overcome crises, but also we emerge from them stronger. I am delighted that, once again, we have achieved this."@en1
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