Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-12-03-Speech-3-060"
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"en.20081203.12.3-060"2
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"Madam President, ladies and gentlemen, the crisis which we are discussing is like a tsunami: severe and devastating. So far, it has caused the collapse of the financial markets and undermined the foundations of the real economy. The provision of a total of EUR 200 billion, finalised at the EU summits, seems, in my humble opinion, to be completely inadequate. This figure amounts to less than the sums lost by Europe’s stock markets in a single of those many days when they closed with a sharp deficit. We need to be bolder, more courageous, more European.
I am in favour, with my group’s consent, and President Barroso has already been directly authorised to do this, of Member States relying on their own reserves, holding in return a European bond to be traded on the markets. They will be obliged however to invest the same amount in infrastructures and in policies for supporting those experiencing social hardship and the production system. These bonds, which will be pegged to the value of the states’ reserves, should generate confidence and help to acquire the required level of liquidity – 2-5 percentage points of GDP – to be able to pursue the policies which we all agree are needed. All of this is carried out outside the Maastricht Treaty, along with an appropriate recovery plan."@en1
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