Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-12-Speech-3-062-000"
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"en.20111012.14.3-062-000"2
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"Mr President, I have been pleased by much that President Barroso has said today but I think we will have to check against delivery. The problem with the eurozone is a problem of political credibility more than economic fundamentals. The financial markets are nervous because they doubt the ability of Europe’s leaders to take action. There are two problems with Europe’s response to the crisis: first, it has always been too little, too late. Europe’s problems need a European solution, and piecemeal national approaches will not do the trick.
The second has been a lack of strategy for growth. The markets understand that there is no route out of deficit and debt without a credible growth strategy, and the failure of Europe’s leaders has been to act as though fiscal austerity alone is a solution. But without demand, there is no growth; without growth, there is no return to sound finances. That is why the resolution – which I believe Parliament will adopt overwhelmingly tomorrow – insists on a meaningful plan for investment, growth and jobs. Council must also produce a clear response to two other urgent issues: the Greek situation and the recapitalisation of the banks.
On Greece: the Papandreou Government has displayed enormous courage and commitment in driving through huge painful changes. Greece now has a right to expect solidarity from the EU without further delay. The Council must now give final improvement to the long awaited package of support.
On bank recapitalisation: our message is ‘yes’, we need decisive and coordinated European action to ensure the security of Europe’s banks, but we say ‘no’ to an unconditional bail-out. As others have said: if public money rescues the banks, the growth and employment imperatives must be fully reflected in the conditions set. One condition must be a clear commitment from the banks to boost lending to the real, productive economy. Public funds must not finance excessive remuneration and speculation.
A final point: if the European Financial Stability Facility (EFSF) had been established under Community rules, we could now be agreeing expanding EFSF lending capacity instead of still trying to implement a decision made three months ago. We need a European answer to this crisis."@en1
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