Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-03-09-Speech-3-082-000"
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"en.20110309.7.3-082-000"2
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"Mr President, we all agree that there needs to be a permanent financial mechanism for euro area countries. The mechanism’s function is to mobilise financing under strict conditions for the benefit of euro area Member States that are experiencing severe financial problems, so as to safeguard the stability of the euro. The issue is that although everybody is in favour of this concept, it is, however, not defined anywhere in the Council’s proposal. We have a proposal that explains why and by whom this mechanism is to be financed, but it does not specify who will benefit from it. The Parliament is doing what the Council failed to do: it clearly lays out who the beneficiaries are, and specifies that it must apply to all Member States, and not just the euro area as a whole. What happens if a small country finds itself in a crisis but is not large enough to impact negatively upon the strength of the euro? As it stands, the draft proposal of the Council does not provide any legal guarantees that a country would have access to this mechanism in this case. Small Member States will be contributing to this fund without being able to access it in the event of a financial crisis. This is unacceptable and it would infringe the principle of solidarity that the European Union embodies. It is like paying into an insurance policy which never pays out. That is why I welcome the report, which clearly states that no euro area Member State that contributes to this fund can be left out for reasons related to size. Secondly, there is the question of interest rates, which should not be calculated at punishing rates, as is happening in Ireland and Greece. The Council must therefore examine this issue in light of paragraph 14 and heed the Commission’s programmes in this regard, such as the Balance of Payments facility and Macro-Financial Assistance. The fact that only an intergovernmental approach is being adopted on such an important subject is worrying. The Commission needs to become involved in order to draw up regulations which govern, implement and monitor this mechanism. This is why I am very pleased with the work carried out by the Parliament on this proposal and I believe that it is important that the Council accepts them as they are and as they have been agreed upon within the two parliamentary committees."@en1
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