Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-06-12-Speech-2-030-000"
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"en.20120612.5.2-030-000"2
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"Mr President, Minister, Mr Rehn, ladies and gentlemen, I would first like to recap on why this report has come back to the plenary sitting today, after having been adopted by the Committee on Economic and Monetary Affairs (ECON).
The regulation on countries experiencing difficulties, for which I was rapporteur, was adopted by 25 votes to 4, with 13 abstentions. The abstentions were primarily by the Socialists. However, they did vote in favour of most of the amendments and all of the compromise amendments.
Before opening the negotiations, which, from what we have been hearing from the Presidency, will not be easy, I felt it was important to obtain a more solid mandate from plenary. When the time comes, therefore, I will ask that we do not proceed with the vote on the legislative resolution so that, if applicable, we can secure an agreement at first reading.
This draft regulation on strengthening economic and budgetary surveillance of Member States experiencing or threatened with serious difficulties with respect to their financial stability in the euro area is set against the financial crisis and the sovereign debt crisis that the European Union is facing and will continue to face. The Union is trying to learn lessons from the crisis, and to propose solutions. The Commission’s proposals complement the package on economic governance: the ‘six-pack’ adopted by the European Parliament and the Council in 2011. Excessive national debt can have dramatic consequences, both within the countries concerned and for the other Member States of the European Union. The difficulties of a small country can even have global repercussions. What is at risk is the euro area’s reputation, rather than its existence.
The serious economic and social consequences that some Member States are experiencing today could have been avoided if early, targeted action had been taken. At the time, the European Union did not have the necessary instruments, but this will now be put right by the combination of the ‘six-pack’ and two new pieces of legislation (the ‘two-pack’), including this one.
The ‘six-pack’ needs to be strengthened, in order to ensure both financial stability and economic growth in the euro area. Several Member States have had to seek financial assistance. Preventive action at an early stage is preferable to corrective measures taken later – perhaps too late – in the proceedings.
The broad thrust of the draft regulation adopted by the Committee on Economic and Monetary Affairs is in line with the original proposal, which provides for a Member State whose currency is the euro to be subject to enhanced surveillance when it is experiencing, or at risk of experiencing, severe financial disturbance. It should be swiftly returned to a normal situation and the other euro area Member States should be protected against possible negative spillover effects. The regulation sets out clear procedures to this effect for countries experiencing difficulties.
The parliamentary committee was keen to increase the powers that the original proposal gave the Commission, in particular, by introducing wider use of the reverse qualified majority rule in Council votes. For example, this rule would apply when the Commission recommends that a country should take corrective measures, or when it instructs a country to submit new debt reduction plans. Such decisions would be deemed to have been adopted unless the Council categorically rejected them.
It is worth mentioning that ECON adopted the protection system for States in major difficulties by a wide majority. I would like to point out that there were no negotiations on this amendment and that the vote was left to each individual’s judgment. A majority of our Members chose not to heed the arguments put forward by detractors of this proposal, which were partly based on a distorted presentation of its objective. The intention is not to organise a restructuring or reduction of the debt, but to allow the State to get itself back into shape so that it can deal with its obligations."@en1
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