Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-22-Speech-1-042"
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"en.20101122.13.1-042"2
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"Madam President, I would first like to express my heartfelt thanks to Mr Balz for such constructive cooperation. I can only emphasise the fact that despite coming from different positions, working together was a positive experience.
Many people thought – and I would like to underline this fact again here – that the crisis in the euro area was over. Ireland shows that this is not the case. Just as before, Europe is voluntarily offering itself up to the financial markets. The EU Member States are still having to offer their treasury bonds in the bazaar of the financial markets and try to gain the confidence of the speculators by adopting suicidal austerity packages. At the weekend, we saw once again where that leads us. This time it was not the Greeks, who were supposedly out to deceive everyone, but rather Ireland – the star pupil – that was forced to turn to the European bail-out fund in order to rescue its banking system – a system which had also long been held up as a shining example of deregulation.
In the meantime, the financial sector is already eyeing up Portugal for capitulation as its interest rates continue to rise. The European Central Bank must share the responsibility for this drama. It has failed and continues to fail to use eurobonds in order to offer a civilised alternative to this casino approach. While half of Europe is recovering from the crisis, the ECB idly stands by as the remaining part falls further and further into poverty and uncertainty. Ruinous cuts across the board by national economies may be to the taste of the European investment and banking giants, but they do nothing to help either Ireland or the monetary union and the ECB.
Please pay no attention to Mrs Merkel’s simplified financial ABC, Mr Trichet. If you want to save the economic and monetary union, do not leave European treasury bonds hanging in the air. Introduce eurobonds before the speculators claim their next victim."@en1
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