Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-05-19-Speech-3-046"
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"en.20100519.3.3-046"2
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"Mr President, ladies and gentlemen, the European governments are being driven by the markets. At last they are reacting, but they are reacting after the event and not in advance. It is scandalous that the governments and the Commission only react when the real weaknesses appear in the markets.
They should have identified these weaknesses themselves at an early stage. When the euro was introduced, we knew that we would not have a single monetary and fiscal policy, as is normally the case in individual states. For this reason, we have taken measures to find a substitute for this, but we have not adhered closely to these measures. The rules were broken very quickly and right at the start, even by the larger Member States. We need another effective set of rules with sanction mechanisms, including a name and shame policy, the loss of voting rights and suspension of payments from the European funds until the fines have been paid.
Secondly, it has become clear that there are internal tensions within the euro area which are on the verge of putting its strength to the test and which take the form of differences in competitiveness. The Commission must take action in this area. It must investigate the budgets of the individual Member States to determine whether they represent a risk for the euro area.
Of course, we know that the right to draw up a budget is a central right of the national parliaments. However, that is no reason for failing to develop a common European approach. This is urgently needed. We need more Europe and not less Europe. This may well be our last chance. If the Commission and the Council do not negotiate with Parliament, I am afraid that the result will be a major disaster at some point in the future."@en1
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