Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-07-03-Speech-2-085-000"
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"en.20120703.5.2-085-000"2
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"Mr President, President Van Rompuy, President Barroso, the last meeting of the Council seemed finally to be starting to go in the right direction, but some details are lacking, and without them, nothing can be concluded.
In the first place, it is good that it is finally being recognised that budgetary discipline is only effective if it is accompanied – not followed, accompanied – by growth and employment. However, the growth and employment initiative will only yield results if it is able to correct the internal imbalances within the EU, which are the cause of the crisis. It will only be effective if it opens up employment and business opportunities, in particular, for economies that have repeatedly lost out with the functioning of the internal market and the single currency, and if it contributes to emerging from the crisis, above all, for those countries.
Second, it is good that breaking the spiral of contagion between Member States’ debt and that of the banks is now central to the agenda. While there are new proposals, it is not politically acceptable for banks in crisis to end up benefiting from greater European assistance and less stringent restrictions than those imposed on the Member States. Banks and Member States can hardly compete for access to the same public funds, especially if such funds are clearly inadequate, as is the case with the European Stability Mechanism.
If a bank fails, it should not be the case that the taxpayers pay more than shareholders, nor that bank resolution funds come predominantly from the public purse, rather than from the banks themselves. Finally, depositors should not have their savings in euro put in jeopardy by the crisis. It is vital to ensure that this is all made impossible as a matter of urgency.
One last thing, before I finish, Mr President: the key thing is missing, namely, ensuring that the Member States do not meet their ends at the hands of the markets. The proposals that Parliament has tabled in the so-called ‘two-pack’ on protecting sovereign debt are absolutely crucial to the survival of Europe at this time. I hope that the Commission and the Council will respond favourably to Parliament’s proposal on this matter."@en1
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