Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-06-13-Speech-3-046-000"
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"en.20120613.6.3-046-000"2
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"Mr President, among many of us pro-Europeans, the mood is one of alarmed horror at what is currently happening in Europe. Nonetheless, it is pleasing that people are now speaking out much more clearly about what we are dealing with, and that we are not turning a blind eye to Italy either.
Members of the Commission – and these comments are addressed to the Council, too – you know yourselves that you are stuck in a number of traps, not just as regards debt and growth, but also as regards confidence, and in the power trap. I regret to say that, so far, you have, in fact, failed to tackle the central issue, which is that the financial sector has become detached from the real economy. Whatever we have decided here, the experts constantly counter this by saying that still no serious boundaries have been imposed on the shadow banking sector, there are still systemic risks, that the issue of ‘too big to fail’ has still not been appropriately addressed – and we need hardly mention the ratings agencies.
If you are currently preparing for the Council summit, then I can only urge and advise you to restore credibility in Europe by dealing seriously with the issue of the balance of power between the financial sector and the real economy. In plain terms, you need to be seen by Europeans to be at last working credibly to keep the banks in check, so that our citizens do not always have to bear the burden."@en1
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