Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-12-Speech-3-042-000"
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"en.20111012.14.3-042-000"2
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"Mr President, European politics have certainly changed if we are using Mr Cameron to defend our cause! Yet why not? It is the presence of a coalition partner that explains such a huge change. They are asking for an economic and fiscal union, Mr Swoboda: that is the big change.
If, as has been said, the British Government is asking to have a more integrated Europe – and that seems to be what they are asking for – then it is in their interests too. Let us recognise that.
Mr Barroso, we now have certainty that you will put a global plan before the Council. I presume you will do that by tabling a document at the European Council on 23 October. It would be good if Members of Parliament could also receive a copy of that document in advance so that we can see what aspects of the Commission proposals the European leaders are accepting and what they are still not accepting.
Mr Barroso, I will ask for your attention on three points, where I think you have to reinforce your proposals, and you still have quite some time before 23 October to do that.
The first is that you have to change the rules of the European Financial Stability Facility – because it does not work. A unanimity rule in a rescue system cannot work, as we have learned today in Slovakia and a number of other countries. You need to make it clear not only that a majority voting system is needed but also that the funds for the system must be increased. We have to help Member States in difficulties; we have to recapitalise the banks; we have to help countries that have insufficient liquidity. So you must tell the truth, and the truth is that we have to triple – at least triple – the funds in the EFSF, otherwise it will not be convincing to the financial markets. That is the first point that needs to be made on 23 October: you should tell the Council that you want to change the EFSF, that there should be majority voting, and that the funds must be at least tripled. Then you will have real firepower, and not merely a ‘firewall’ against the financial markets.
The second point concerns Eurobonds. We know what the solution will be in the end because what the EFSF will do is to create Eurobonds covered by the European Central Bank – and who do you think is covering the capital of the European Central Bank? The Member States of the eurozone! It is exactly the same system, so come forward with the Green Paper as quickly as possible. A few weeks ago, you said that you would come forward with the Green Paper in a few weeks. A few minutes ago, you said it would be by the end of the year. I know that still means a few weeks, but I am asking you to move as quickly as possible because, in the end, that is the only way to convince the markets that we have created real solidarity and real discipline in the eurozone.
My third and last point is recapitalisation of the banks. Mr Barroso, you have indicated a number of aspects of that operation. Our Parliament is asking for a European plan for recapitalisation. Do not make the mistake of 2008 when, at the Elysée Palace on 4 October, some Member States – and Mrs Merkel was involved here – refused a European plan for recapitalisation of the banks. Mrs Merkel thought that no German bank would have to be rescued. A few minutes later, in the car, she received information that there was also a German bank that had difficulties.
We need a European plan and not, as you said earlier, action by the national governments in the first instance. No: it is at European level that we have to decide which banks to help and with what money. The national governments can then come in with money if the EFSF does not have the possibility of doing so, but it has to be a European plan, not a coordination of national plans. So do not repeat the errors that were made in October 2008."@en1
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