Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-03-12-Speech-2-366-000"
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"en.20130312.40.2-366-000"2
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"I voted for this draft regulation on the strengthening of economic and budgetary surveillance of Member States experiencing or threatened with serious difficulties with respect to their financial stability in the euro area. It is set against the background of the financial crisis and the sovereign debt crisis now confronting the European Union. It draws several lessons from those crises and proposes solutions. Among the proposals is the creation of a system of legal protection applicable to a Member State which is at risk of being, in the near future, in an enduring state of default or suspension of payments. The Commission may, after consulting the Council, decide to place the Member State under a legal protection arrangement which would entail, in particular, the suspension of ‘close-out netting’ or ‘credit event’ provisions."@en1
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