Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-22-Speech-3-208-000"

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"Mr President, the debate reflects the unresolved issues of economic policy in Europe. Whilst we have a central monetary policy, there is local responsibility for budgetary and finance policies. The attempts by some Greek Members to shift the responsibility for Greece’s internal political competence onto Europe, or to third parties, to capitalist banks, or to whomever, can only be a mistake. It was the Greek communists. Fortunately, the euro is stable both internally and externally. What we are dealing with is not a crisis of the euro, but rather a sovereign debt crisis. That is where we must start. It is pointless – even the state cannot live beyond its means indefinitely. It is pointless adding further debt to existing debts without accepting the consequences of necessary reforms. That is why I say it is high time that we acted. Parliament has been calling for measures for a long time. The Commission has now proposed that the Stability and Growth Pact be tightened up. The Hungarian Presidency has negotiated well, as has our side. I actually think it a pity, Mr Bullmann – for on many aspects of regulation of the financial markets we are very much in agreement – that the socialists still want to distinguish between good and bad debt. That is the wrong way to go. When we draw up the balance sheets to see which countries of Europe have got into difficulties there is no need to defame anyone; it is easy to see. There were socialist governments everywhere that these budgetary and financial problems have arisen. Hungary, Latvia, Romania, outside the euro area, Ireland, Spain, Portugal, the United Kingdom and Greece too, apart from a break of four years, when our lot were in. In other words, your economic model does not work. Really, Mr Bütikofer, you should know better by now. We cannot absolve the Greeks of responsibility here and I will say quite frankly that the Greeks were not the first to contravene the Stability and Growth Pact; rather it was the two big ones, Germany and France. We also objected to that and changed it. You were in the government at the time, Mr Bütikofer. You dug the grave – it was your party that dug the grave of the Stability and Growth Pact, not the Greeks. Now, however, it is for the Greeks to…"@en1
"(The speaker agreed to take two blue-card questions under Rule 149(8) of the Rules of Procedure)"1

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