Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-12-Speech-3-102-000"
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"en.20111012.14.3-102-000"2
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"The sword of Damocles that has been hanging over Europe for a long time has finally fallen. The private banks which are the creditors of the main debtor countries in the euro area are on the verge of bankruptcy. The Commission’s plan to recapitalise the banks with loans from the European Financial Stability Facility (EFSF) is totally inappropriate. On the one hand, the EFSF, which has constantly had its funding increased, has long since reached its financial limits. If a (second) bank rescue package was made available, these limits would be exceeded in a way which would amount to negligence. On the other hand, we are still failing to combat the causes of the debt crisis. Instead, we are continuing to take the wrong approach, which involves turning the EU into a transfer union with centralised economic governance from Brussels, while disregarding the losses. In defiance of all the experts’ opinions, billions of euro are being wasted on rescuing ailing EU countries, such as Greece, and the predictable failure of this solution, which is doomed to disaster, is being used as an opportunity finally to abolish the sovereignty of the EU Member States by the back door. In order to achieve this pyrrhic victory, even the European Council has been pushed into the background to enable the Slovakian opposition, which was opposed to a new wave of payments, to give way before the Council meeting.
More plans for centralisation cannot help us out of the crisis. They will just make this difficult situation even worse. We need to move back to a union of countries with equal rights and independent economic policies. We must create a smaller hard monetary union consisting of economically powerful states."@en1
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