Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-07-Speech-3-873"
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"en.20100707.23.3-873"2
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"I did not vote for the resolution on the European financial stabilisation mechanism. This mechanism, created out of nothing and in a rush last May at the height of the Greek bond crisis, was a major step forward in economic governance of the euro area. However, on this question, our Parliament has shown a serious lack of vision. Several key amendments were rejected, including, in my view, the most important, namely that amendment seeking to place this system on a lasting footing through the creation of a European Monetary Fund, the first step towards a European bond market, which I have called for on several previous occasions. Similarly, it surprises me that our Parliament should refuse to recognise the positive role played by the ECB throughout this period, particularly in deciding to buy back sovereign debt on the secondary market, which helped to ease tension on the bond market. Finally, this resolution, without legislative muscle, creates a wholly timorous image of our Parliament, whereas the Commission, in concert with the Council, is working on the contrary to maintain this mechanism indispensable for the stability of the euro over the long term."@en1
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