Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-06-Speech-2-443"
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"en.20100706.29.2-443"2
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"Madam President, Commissioner, as you know, in this Parliament, we were very happy that solidarity has finally been introduced, even if some of us regretted that this was done many months after the initiative by President Van Rompuy to convene an extraordinary European Council on these questions on 11 February. In the meantime, the markets have done their job.
While we address this European solidarity initiative, I believe that we must also look at where we are coming from and recognise that, if this situation has been created, it is because we do not really have the right elements in place in terms of the governance of the euro area. Our fellow Member, Othmar Karas, spoke of the Stability Pact. It seems to me that the simple application of the Stability Pact is not enough, and that fundamentally, we have, from the start, underestimated these risks of divergence on the evaluation of the sovereign debt ratings of the Member States.
Today, we have a mechanism that was put together in an emergency, as you reminded us. You also reminded us that, in this Parliament, since October 2008 – that is, since the implementation of the facility concerning the balance of payments – some people have spoken up to ask that Article 122 be looked into. We did this in an emergency. Emergency is never the best counsel, and you mentioned that you would study the potential proposal for making such a mechanism permanent. I hope that you will come forward with more attacking proposals in this area, because we are sure that an area like the euro area does not just need good governance to avoid such situations arising in future, but should this happen, it also needs a permanent mechanism in place.
Next, I would simply say that I regret the fact that, rather than appealing to Eurobonds, the Member States preferred to introduce the special purpose vehicle at a time when we are also asking ourselves questions about the functioning of this type of structure in the markets.
One final point: I think that in responding to Mrs Bowles regarding the EIB…"@en1
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