Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-07-04-Speech-3-440-000"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| lpv:document identification number |
"en.20120704.28.3-440-000"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:translated text |
"Mr President, I would like to thank the rapporteur Göran Färm, the co-rapporteurs, Mr Langen and Mr Cancian, and their shadows for their very substantive reports and the many constructive proposals they have made in these reports.
The Commission proposed the Europe 2020 project bonds last October as an effective and efficient way of using the EU budget to leverage private investment.
To test the concept of project bonds and demonstrate to the markets and our citizens that it works, the Commission proposed a pilot phase. This is the proposal before you now. I encourage you to adopt this proposal, in order to support the recovery of the European economy, investment, growth and job creation.
I would also like to thank the European Investment Bank and President Hoyer for excellent cooperation in the preparation of this initiative.
Firstly, allow me to put the project bonds initiative in the broader context of our growth agenda: boosting the lending capacity of the EIB; launching the first phase of project bonds; and redirecting a certain amount of Structural Funds towards supporting in particular small and medium-sized enterprises and young unemployed people.
These important initiatives are finally being decided and implemented. I am glad to see that the initiatives the Commission has long been advocating are now turning into reality.
This is definitely necessary as the European Union, especially the eurozone, finds itself at a decisive juncture, not only in its three-year-old debt crisis but in its thirteen-year-old history. The two are of course closely intertwined.
The short-term symptoms of this crisis have their roots in long-term ailments, both structural and systemic. We need to relieve the short-term pain of market pressure to create breathing space for countries to adopt the game-changing reforms that are essential for long-term gain.
On both fronts we are now moving forward convincingly. Last week’s euro area summit agreed to measures that should finally allow us to break the vicious circle between banks and sovereign debt which has done so much to undermine confidence.
Once a single banking supervisory mechanism is in place the new European stability mechanism will be given the power to recapitalise banks directly without its loans adding to the debt burden of countries already under intensive market pressure.
There is no time to lose. That is why the Commission is already working on its proposal for this single banking supervisory mechanism involving the European Central Bank, together with some other proposals it considers to be an essential element of the future banking union Europe is now committed to put in place. We also count on your support in that regard."@en1
|
| lpv:unclassifiedMetadata | |
| lpv:videoURI |
Named graphs describing this resource:
The resource appears as object in 2 triples