Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-10-08-Speech-3-067"
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"en.20081008.14.3-067"2
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"Mr President, I would say to you, and to Mr Jouyet and Mr Almunia, that it is absolutely essential that the interbank market is restarted. The only sure way to achieve this is to have sovereign state guarantees for wholesale interbank deposits, as indeed Ireland and Denmark have done in their domestic markets.
Admittedly the contingent liability is enormous; however, when the interbank market restarts, the banks will stop hoarding, they will start lending again to businesses and individuals and householders, interbank rates will return to normal levels, and it is an absolute certainty that those guarantees will not need to be used.
I agree with Mr Jouyet that this has to be done on a global basis. It is the proper role of the IMF, as he said, to coordinate this action, and only with such a bold move, on a global basis, will we put out the fire and start to rekindle confidence."@en1
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