Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-16-Speech-3-050-000"
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"en.20111116.5.3-050-000"2
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"Mr President, ladies and gentlemen, the European Union stands at an absolutely crucial crossroads. We need to deepen integration, especially in the fields of financial and economic policy. We need a strong Commissioner who combines the functions that are currently spread between the Commissioner for Economic and Monetary Affairs and the Euro, the President of the Euro Group, a different Finance Minister every six months and the regent of economics Herman Van Rompuy into a single role and who represents the EU and the euro area to the outside world.
If that does not succeed, we will not even be able to defend the
we will then inevitably find ourselves in a disintegration phase. We do not want a union of debt. We need a union of stability, and that is why the solution does not consist of issuing Eurobonds.
Only today, the European Financial Stability Facility (EFSF) had to pay 200 basis points more for its bond issues than Germany. The situation is getting worse – the bonds already issued are quoted far below face value. We need to attempt to also raise reserves that we still have in every Member State. The whole issue of the subsidies must be approached. In my country alone this is certainly a high two-digit, maybe even a three-digit, figure in billions that thus can be adjusted in the budget, with the effect of raising taxes.
Mr Trichet hit the nail on the head today when he said that time is of the essence. The reality is that we must act fast or else the markets will continue to set the course for politics."@en1
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