Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-06-13-Speech-3-422-000"
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"en.20120613.27.3-422-000"2
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"Mr President, ladies and gentlemen, when this declaration was written, perhaps no one envisaged that, when the time came to debate it, the spread would have been consistently over 500 and, God forbid, even at 600 for Spain and, God forbid indeed, for Italy too.
So, we want to combat speculation. This morning, President Barroso extolled to us the virtues of his solution of creating a European banking union. This, however, actually amounts to a way for the European Union to get its hands on our savings. Banking union will not protect European savers. National governments will lose any powers that they have or want to have over their respective national banking systems, whose contents will be poured into an undifferentiated melting pot of debt.
In essence, banking union is an attempt, and quite a blatant one at that, to ward off insolvency in the Spanish banking system today by using the savings of the other euro area Member States, even poor Italy, harshly enough. It seems, then, to be a preventive strike against the growing support for the real reform that could solve the problem of this bankrupt system: in other words, banking separation or the Glass-Steagall Act. Essentially, this means separating savings banks from investment banks, which is the only way to prevent savings from being used to plug gaps or being lost when the speculators fail.
We are witnessing the umpteenth attempt to contain a crisis by isolating it, as if the crisis were not affecting the entire euro area. This attempt must be stopped before it is too late."@en1
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