Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-01-19-Speech-3-009-000"
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"en.20110119.4.3-009-000"2
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"First of all, I wish you a Happy New Year! As simple as that and I wish it for you personally and I wish it for our Union, in these difficult times. As the last European Council is already a month behind us, let me remind you that I already give a full report each time to your Conference of Presidents on the results of the European Council just a few hours after every meeting.
Two other points concern work to be done by the Member States and the institutions of the European Union together. Firstly, the European Council asks the other institutions, not least your Parliament, to make sure that the agreements reached in October, on the basis of the Task Force which I chaired, regarding the Stability Pact and macro-economic surveillance, are in place by the summer. It is our common duty. Secondly, we agree to conduct new stress tests in the banking sector to ensure full transparency in the broader context of the EU annual exercise.
Our determination is clear. The Heads of State or Government of the eurozone and the EU institutions ‘stand ready to do whatever is required to ensure the stability of the eurozone as a whole’. Work is going on to develop these elements of this overall approach.
On the second day of our meeting, we focused on our relations with strategic partners. Cathy Ashton presented progress reports on how to deal with strategic partners and I briefed colleagues about the positive outcome of three recent summit meetings, namely: the summit with President Obama, where we opened new avenues for transatlantic cooperation on growth, jobs and security, such as green growth and cyber-security; the summit with President Medvedev in which we reached the bilateral agreement on Russia’s WTO accession, a major achievement; and the summit with Prime Minister Singh of India, which showed good progress for an ambitious and balanced free trade agreement, hopefully with a result in the first semester of this year, and which also produced a joint declaration on international terrorism.
These meetings all showed that, for our partners, the European Union is not only an economic union and a trade bloc, but also a geopolitical partner.
The European Council also decided to give Montenegro the status of candidate country. It underlines the conviction within the European Council that the countries of the Western Balkans have a European vocation.
Finally, we agreed also on the position on Côte d’Ivoire, in line with what the Ministers of Foreign Affairs decided a few days previously, sending a clear signal on the need to respect the results of democratic elections.
As you know, the European Council, on 4 February, will deal principally with our growth agenda. Innovation and energy – especially energy security – are key in this regard. In March, we will have our first exercise of what is called the European Semester. It must not be a bureaucratic process but a real occasion to have an in-depth discussion on the state of play of our economy and the actions to be taken.
Colleagues, we know of course that we have to strengthen and deepen economic coordination and convergence inside the eurozone. We will work as much as possible in a comprehensive framework and I am convinced we will find the necessary consensus.
At the December European Council, we focused on the first day on economic issues and on the second day on foreign policy. On economic policy, we reached some important conclusions. First, we decided on the proposal for a limited Treaty amendment required to establish a permanent mechanism to safeguard the financial stability of the eurozone as a whole. Following our agreement, in principle, in our October meeting that such a Treaty change is needed, I had consulted the members of the European Council about its possible wording and content. I secured agreement on a text consisting of two sentences, to be added to Article 136 of the Treaty. I quote:
‘The Member States whose currency is the euro may establish a stability mechanism to be activated if indispensable to safeguard the stability of the euro area as a whole. The granting of any required financial assistance under the mechanism will be made subject to strict conditionality’.
It is an essential piece in our efforts to make Europe more crisis-proof. It is important, not just for legal certainty, but also for market credibility. As this amendment will not increase the competences of the Union, all members of the European Council agreed that it was appropriate to use a simplified revision procedure. This now requires an opinion from your Parliament, as well as from the European Commission and the Central Bank. We hope to secure your approval. I need hardly remind you of the importance of proceeding as rapidly and as smoothly as possible in this matter in a period where market volatility remains a concern.
I know that you, and your responsible committees, have been following this matter closely, not least during the work of the Task Force on Economic Governance which I chaired and which gave rise to meetings between myself and the seven chairs of the parliamentary committees most involved. I would like to thank President Buzek for his contribution on this at the European Council and for informing us of Parliament’s willingness to proceed quickly in considering this matter.
With the benefit of your opinion, the European Council will be able to turn this draft decision into a full decision at its March meeting. Then, the Treaty amendment will have to be approved in each Member State. The aim is for the amendment to enter into force on 1 January 2013 at the latest, so that the permanent mechanism itself can be in place in June 2013.
The European Council also examined what could be the key features of the future mechanism. Already in October, we had asked the Commission to undertake the preparatory work. This resulted in a statement by the Eurogroup Finance Ministers on 28 November, which was fully endorsed at the European Council meeting. It foresees that the future European Stability Mechanism will be designed on the basis of the current mechanism, so IMF involvement is provided for. The EU will continue to adhere strictly to standard IMF and international practices. Concerning the role of the private sector, decisions will be taken on a case-by-case basis, so private sector involvement will not be a prior requirement for support under the future Stability Mechanism.
Finally, the European Council also had a very good and in-depth exchange of views on recent economic developments and on how to deal with the challenges for all European economies, short-term and long-term. The President of the Central Bank was also present and a statement by the Heads of State or Government of the eurozone and the EU institutions present was welcomed by the European Council. This discussion confirmed the sense of determination and unity amongst the Member States and the institutions. Everybody around the table shared the basic analysis. I insist: all 27 agree, even if the analysis focuses particularly on the current 17 euro countries. We thus have a joint will to make our economies more resistant to crises and to enhance structural economic growth in Europe.
Let me mention the elements of this joint approach, which reflects the statement adopted. Three points concern work to be done by the national governments: first, fiscal responsibility; second, stimulating growth; and third, the two countries with support programmes are forcefully implementing the necessary measures and we all welcome the efforts of those two governments, of Greece and Ireland, and their populations."@en1
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