Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-11-Speech-3-568-000"

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"Mr President, Mr Rehn, first of all, I would like to say that the situation is indeed getting worse, as you have described. In the euro area, the divide between the countries which are showing signs of recovery and those which are in a more precarious position is widening. Also, the cost of supporting the weaker countries is constantly rising. Given this situation, I have some questions for you in your role as Commissioner responsible for economic and monetary affairs. Liabilities between the central banks amounting to more than EUR 400 billion have accumulated in the TARGET2 accounts of the European Central Bank system. This is due to the fact that the banks are still not being adequately financed by the capital market. What is your view of these unplanned liabilities within the euro system? The major problem which is preventing us from making progress with debt restructuring is that the banking system, as Mrs Ford has also said, has not been properly reformed. The proposal for a European restructuring system has been delayed. When will the Commission submit this proposal? As Commissioner responsible for economic and monetary affairs, what is your view of this delay? What are you doing to speed things up? It has also become clear, as we in the Group of the Greens/European Free Alliance have been predicting for a long time, that the measures put in place to support Greece and Portugal will not take effect until the macro-economic conditions in the euro area improve. These countries are still subject to a growing burden of interest. The export and outflow of capital in some of these countries is increasing. There is still a lack of demand among some of the European partners of these countries and among the strong countries in the euro area in particular. Resource and food prices are also rising, at least if you disregard the most recent ups and downs. In addition to the bail-out of these countries, and in addition to the financial aid, I would like to know which measures are being taken to relieve the burden of taxes, external demand and interest on these countries from a macro-economic perspective. How is this being achieved? I would therefore like to encourage you to put forward a strong package which will improve the macro-economic conditions in these countries in the euro area. Finally, the measures, which, in my view, run contrary to the spirit of the Treaty on the Functioning of the EU, have hit the weakest countries, including Greece, Portugal and Spain, while the stronger, wealthier countries have not yet taken on their share of the burden. Which measures will you be taking to encourage the wealthy countries to contribute to the costs of this crisis?"@en1

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