Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-09-21-Speech-2-599"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2010-09-21"^^xsd:date2
dcterms:Is Part Of	lp_eu:Draft amending budget No 7/2010: guarantee provided by the European Union in accordance with the provisions of Article 122 of the TFEU – financial assistance to Member States (debate)2
dcterms:Language	"en"^^xsd:language2
lpv:document identification number	"en.20100921.21.2-599"2
lpv:hasSubsequent	lp_eu:2010-09-21-Speech-2-6002
lpv:speaker	lp:Janusz Lewandowski2
lpv:spoken text	"Madam President, Draft amending budget No 7 is a follow-up to the decision to establish the European financial stabilisation mechanism, which is, in turn, the response to the dramatic developments of March, April and May in the financial markets. Therefore, the European financial stabilisation mechanism – up to EUR 60 billion – has been established in addition to the already existing balance of payments facility, with more or less the same philosophy. In response to the question from László Surján, under the normal desired circumstances, even if a European financial stabilisation mechanism is mobilised, this should not have an impact on the EU budget. Under normal circumstances, that is, where the beneficiary state taking the loans repays the loans, it is activated as a guarantee but without a financial impact upon the budget. In the highly unlikely scenario – not zero probability, unfortunately, but very unlikely scenario – that a Member State defaults on its obligations, we have to ensure that the European Union is ready in time to fulfil its legal obligations towards the lenders. So we should be ready for this unlikely bad scenario. Put simply, that is, in a sense, what is behind Draft budget No 7. Therefore, as with the balance of payments facility, we proposed creating a structure for the new budget item on the expenditure side of the budget and a corresponding new budget article on the revenue side of the budget. These are token entries – as happened with the balance of payments facilities – and have the same logic behind them. The philosophy behind this is that we should be ready in case. I am therefore happy that Draft amending budget No 7 has been discussed and has already been formally adopted by the Council on 13 September. Now we hope for the same decision from Parliament."@en1
lpv:unclassifiedMetadata	"Janusz Lewandowski,"1 "Member of the Commission."1
lpv:videoURI	<go to Events_and_structure europarl>2

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