Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-06-Speech-3-094-000"
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"en.20110706.3.3-094-000"2
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"Mr President, Commissioner, ladies and gentlemen, after 20 months of work, the Special Committee on the Financial, Economic and Social Crisis is about to bring its work to an end, and yet the crisis is not over. I would like to take this opportunity to really thank my colleagues and to acknowledge the collective work that we have been able to achieve and the confidence you have placed in me.
In addition, we ask you to look at business models in the banking sector, as there is perhaps also work to be done in that area.
In order to do all this, we will need a larger budget, and we can tell you that if, together, we fail to carry out the revision of the Treaties that needs to happen, each of us in the euro area must accept our responsibility and move forward through enhanced cooperation.
We hope we can move forward together on this path that we are suggesting to you and which appears to be a new deal for the European Union.
We are concluding our work at a time when the economic governance package is stalled, at a time when the financial markets have once again taken up many of their bad habits, including in terms of the distribution of bonuses, and at a time when the fate of Member States depends on the ratings they are given by the credit rating agencies. It is a difficult environment, and that is why we are asking you, Commissioner, to conduct a public debt audit.
In this report, I believe we have fulfilled our mandate. We say that we need more Europe. This message may sound odd in some capitals as we now feel that the capitals are wary of Europe, precisely because it has sometimes appeared to act too late and do too little.
We say that we need this integration. Commissioner, eight months ago, in October 2010, we suggested here that you bring in a tax on financial transactions across Europe. Eight months later, you have implemented this. Eight months ago, we also suggested that you appointed a ‘Mr Euro’, and now Jean-Claude Trichet is suggesting a finance minister, although the mandate he has set for this role is not as we would have liked it to be.
Hear us out, then, and do not wait any longer; implement the other proposals we are making, like our suggestion to mutualise the debt. In the Greek case, we were told that there would be ‘no aid to Greece’, and then we proceeded to help Greece. We were told ‘no permanent mechanism’, and yet the mechanism will become permanent. Today, therefore, we are saying to you, ‘Go further and mutualise the debt. Set up a public rating agency, set up a European Treasury’.
Internationally, we need Europe, of course, to speak with one voice. We need to establish real European economic governance. This entails integrating the Bretton Woods institutions and the G20 into the United Nations system; it also means fighting to ensure that, in terms of international commerce, we have fair trade based on reciprocity. It also requires the European Union to pursue consistent policies and not, as here, adopt ambitious targets without a framework for the Europe 2020 strategy or, moreover, develop austerity plans that prevent us from carrying out what we believe to be our strategy to end the crisis.
To that end, in this report, we indeed suggest you follow the golden rule for spending on education; we propose that you finally establish the European Energy Community, which will bring to life the concept of solidarity among us. We also propose that you finally look into the issue of corporate governance. What are you waiting for to make our businesses, which call themselves socially responsible, accountable for these social and environmental responsibilities?
In the area of economic governance, we are aware that we need to do more in terms of supervision, and we invite you to look at what an optimum allocation of capital is. Today, you want the financial markets to be stable once again. That is not enough, given that stability in the financial markets was supposedly the situation we were in before August 2007, and we have seen where that got us.
Behind stability, we must also look at where the capital is going and how it is being used because this is not an industry. It is a service which exists to serve industry; it is precisely this paradox that you must resolve."@en1
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