Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-04-18-Speech-3-373-000"
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"en.20120418.21.3-373-000"2
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"Mr President, the sovereign debt crisis has raised many different opinions on the best way to resolve it and how to return the eurozone and the EU as a whole to economic growth.
Although we do not currently have all the answers, there are already important lessons to be learned from the eurozone crisis, some of which need to be learned in my own constituency. It is clear that one of the problems identified in Spain has been the level of public debt and liabilities assumed by their regional governments, to which a clear value of the amount outstanding is only now emerging. It has left the Spanish debt market in disarray and lacking investor confidence.
I am therefore disappointed that my own Welsh Government is currently seeking to raise new debt in the markets. Any Welsh debt would ultimately be the liability of the UK Government and would replicate the failed Spanish experiment. Under the new EU stronger economic governance and debt management regimes, surely those liable for the debt need to assume control for all monies raised, whether privately, through the EIB or, more worryingly, in the capital markets? When Member States rightly bear the ultimate responsibility for the debt and the resulting debt ratios, systems of accountability need to be ensured. I hope the Silk Commission in Wales and those that favour Eurobonds in the eurozone heed the Spanish experience."@en1
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