Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-16-Speech-3-060-000"
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"en.20111116.5.3-060-000"2
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"Mr President, let us be honest. For three years we have been using the same remedy to get out of the crisis, yet the situation is worsening day by day. Instead of a cure, we have created two fatal vicious cycles. The first of these is between the banks and the Member States. It is now more likely that we in Europe will be discussing the bankruptcy of a Member State than of a large bank, but we continue to hope that the banks will finance the Member States and the Member States will save the banks.
This spiral must be broken. The Commission must come forward with European legislation to protect taxpayers from the banking crisis. Yet it is also vital to protect Member States’ debt from attacks by speculators. In order for this to happen, there is an urgent need, already overdue, to prepare the coordinated issue of sovereign debt, known as Eurobonds or stability bonds, and to guarantee them through robust instruments of a Union, rather than intergovernmental, nature. In short, we must also reconsider the involvement of the European Central Bank.
However, the second vicious cycle stems from the argument that some Member States are rich because they are virtuous, while others are poor because they have sinned. This narrative is politically incendiary and technically incorrect. It ignores the essential fact that a single market and currency, built out of political choice and between unequal parties, inevitably exacerbates imbalances in competitiveness between the centre and the periphery.
It is this which must be addressed by economic governance. Not, Mr Van Rompuy, through sanctions which promote squeezing salaries and incomes, with one country monitoring another. Rather, Commissioner, the issue must be addressed through the involvement both of countries with surpluses and of countries with deficits, so as to make productivity converge through investment, education and science. The sanctions have only generated unemployment, disillusionment and a wave of recessions from which we cannot escape."@en1
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