Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-27-Speech-4-085-000"

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"en.20111027.6.4-085-000"2
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"Mr President, ladies and gentlemen, what we are now experiencing is something we have warned about for many years in soapbox speeches. We are leaving the coming generations an impossible debt burden. This is irresponsible. All the political parties have said so for many years. We can see from the example of Greece that the problem is no longer waiting for the next generation – it is now confronting this generation and we can see what this means. Tightening one’s belt is painful, however we need to move towards a stability union. There have been some good developments that are going well and where things are working. Ireland is heading in the right direction. We have introduced a budgetary control watchdog, the European Semester. We have agreed a stability pact with teeth – something also to be welcomed. Last night marked an important step along the way to stability union. We agreed that the banks need to do business on a more solid basis. They are to be forced to fulfil their responsibilities and will be recapitalised, however they must have a solid 9% of equity capital. Greece is to have the haircut. It was clear that this would have to happen. We will also have permanent monitoring of the reforms in Greece. Italy has announced pension reforms. We must be clear about the fact that we are still on the path to stability union. All of these things must be implemented in order for us to move forward. I would like to close by congratulating Mr Rehn, the new Vice-President. I am certain that he will play a key role in taking us along the path to this stability union."@en1
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