kfajdsl/voxpopuli huggingface dataset:
it certainly is not going to be filled by governments who are already stretched for cash.
in my own country in dublin we have a very significant securitisation market and the potential of that is crucially important in terms of encouraging a much wider capital markets union.
half of all disposable assets in europe are held in cash.
it is also likely to serve the inner circle of financiers and to divert investment from the businesses that make up the real economy.
as greens we will insist that safe securitisation means the loans on which it is based are sound that it does not involve the tranching of assets with varying levels of risk and that we do not allow the return of credit default swaps.
securitisation is a typical example of the mystification and misleading language in which finance markets abound.
this is securitisation an attempt to pretend that hiding risk is really reducing risk when it is nothing of the sort.
mr president the commission package on the capital markets union makes clear that securitisation is back on the agenda as a strategy for increasing investment in europe and for those of us who are not yet ready to forgive and forget the financial crisis of two thousand and eight this sets alarm bells ringing.
rather than offering security it has historically been used as a technique for concealing risk.
and there is an elephant in the room it is the national barriers the double taxation of investment funds insolvency law and also the regulators who slap on additional regulation and who are creating additional barriers to investment and capital flows in europe. therefore commissioner we want to see ambition from your side;
look at how we are financing our economy today we have a lot of savings but they are not being channelled into the real economy;
we are creating diversity. i think it is really important to mention this here.
we have the potential of fast growing companies but they cannot find the risk capital that they need to grow fast like their american colleagues.
it is also important to mention that this package will require courage on the part of all the european institutions together to challenge the status quo and to take bold steps forward.
we are not imposing a single model for the financing of companies or for the possibilities of investors.
we have to change those things.
now we are dealing with the solvency ii framework proposal and the securitisation proposal why should we spend more time with these proposals?
this is not a general policy to deregulate not at all but we just want to make sure that our regulations function as we wanted them to function.
the sme side is very strong in our action plan.
it is only human and understandable that there may be some unintended side effects which do not serve anybody's interest and therefore it makes sense to collect evidence from the market and from different stakeholders and look to see if there is something which we did not intend when we created new regulations and if that is the case
so to speak of a capital markets union at all is to elevate federalist ideology above practical improvements.
but there remain many pitfalls in the commission's approach. why for instance the grandiose title of capital markets union?
the head of the german savings banks association has pointed out that corporate bonds are not really worth doing for less than eur ten million while large investors are rarely interested in projects under eur twenty five million. anecdotal evidence suggests that companies need to be turning over eur one billion before the market become seriously interested so it is hard to make a case that smes will benefit much from a capital markets union.
mr president opening up capital markets clearly has some potential benefits. if an sme in the east of england for instance is able to make its case for funds to a middle sized german investment fund or even if a young couple can make their case to a potential mortgage provider from france then in both cases the consumer may in theory get a better deal.
of course any proposed financial transaction tax risks undermining even those incremental gains and certainly could harm europe's biggest and most successful capital market the city of london.
the dependency of the commission's plans on securitisation will also worry many citizens given that over securitisation was a key factor in the great financial crash. one does not need a political union for trade and one does not need it to enable investment across borders.
it is the corporates who stand to gain at the margins and forgive me for not punching the air in wild celebration at that prospect!
and it is also the case that capital may in general end up being more efficiently allocated improving economic outcomes.
in addition the legal and credit risks run by companies are very different in different eu countries and disclosing them fully is going to be costly and cumbersome.
there is clearly no realistic prospect of ending all geographic associations between the source of capital and where it is deployed.
can you give me one example of that and what you would do to simplify it please?
clearly we need to encourage a shift towards equity as contrasted to debt based instruments in financing even small scale projects.
again that is best done by starting from a national level.
here a new generation of european innovators and entrepreneurs is emerging.
they might be more willing to attempt new ways of meeting financial risks and challenges than their predecessors.
stronger capital markets will unlock more investment from the eu and the rest of the world and better connect financing to investment projects across the union.
of course we need to do that and i think an important part of that is to ensure that we can have profitable investments in the european market because that is the way to build up capital.
but i would also like to underline that it is very important that banks can fulfil the whole line of financing and investment making and market making.
because if we are changing the structures of european banks in order to reduce their opportunities to contribute to the financing of small and medium sized enterprises then we are making the problems worse.
i think it is one of the cornerstones of our european union and our internal market that there is a free flow of capital and capital searches for the most productive investment.
by removing barriers all countries will benefit because they will attract a lot more investors including from foreign countries and especially the smaller companies.
my colleague brian hayes spoke about this very clearly a few moments ago and i think it must be seen in the context of what has been done over the last four or five years in parliament here with the previous commissioner barnier.
the financial crisis which continues to affect europe has its roots as we all have to remember in bad irresponsible financial products and greed in the financial sector.
so i agree with the commission that is absolutely necessary to initiate a consultation on the issue of covered bonds and i welcome the process that is now on the way.
but i truly fear that the commission will lack focus and commitment.
i therefore ask you commissioner how will the commission make sure that covered bonds are maintained as a valid choice for financing?
will the commission ensure that covered bonds are addressed independently when different types of loans are rated for risks?
commissioner do you agree that we need real legislation to ensure that the market offers consumers the cheapest and most transparent loans and that this market could also of course include covered bonds?
the first and second negotiating sessions in new york on the global compact on migration are now behind us showing a strong concordance of voices across the globe.
i believe we can make it and empty them completely within the coming maximum couple of months.
now with the withdrawal of the united states from the compacts back in december the compacts need more than ever a strong and united europe.
if these announcements were to be confirmed they could create the necessary conditions towards a negotiated solution.
the work on safe and dignified returns goes together with saving lives and arresting human traffickers both at sea and on land it goes together with our trust funds to tackle the root causes of migration and with our new external investment fund to create jobs and growth in the most fragile regions of origin.
here our common work and also your contribution as a parliament will be essential because together we can push towards inclusive and balanced compacts to improve the lives of millions of people to address the concerns of european citizens and to turn migration from a common challenge into a shared opportunity for human development.
the unity of the international community will be an essential factor to determine whether we collectively succeed or
a vision where traffickers and smugglers and the connected criminal organisations find no place where we reduce irregular migration and instead we have the courage to invest in more regular and safe channels for migrants.
i am happy and proud to say that next monday in brussels i will welcome the korean foreign minister to our foreign affairs council to discuss together the way forward and how the european union can continue to support their work to accompany these efforts as we have constantly done during this month in an even more effective manner.
around these four pillars we have built a common ground. this should be also the spirit of the two global compacts on refugees and migrants.
we implemented all the un security council resolutions on the dprk and we adopted additional autonomous measures.
work on both global compacts has now concluded on the consultative phase and negotiations and formal consultations on the actual text started last month. i believe this is a unique opportunity to bring forward the european vision on migration and bring there at the global level the experiences the lessons we have learned and the partnerships we have built. it is a vision grounded on human rights
that is why we encourage and support this new high level diplomatic initiative.
we remain convinced that all states can benefit from closer international cooperation be they countries of origin transit or destination and some countries are all three at the same time.
we will maintain in this way the direct and indirect pressure on dprk. but we have always believed that sanctions are a tool and not a goal in themselves.
we joined forces first of all within europe second with our african partners and friends and on a global scale within the un system.
there is still a lot of work to do but there is a good basis to develop a common understanding on how to humanely and efficiently manage migration together now and in the long term.
i think that humans are important to lead us towards the solutions and the way.
have let's say gained some experience in work on nuclear negotiations.
did. our policy of critical engagement with the dprk is more valid than
i'm glad to start with this positive note acknowledging that again still the work to be done is a lot but because sometimes we forget to focus on the achievements we managed to build.
also on the global compact for refugees formal consultation has started in geneva and it is important to ensure a balanced and inclusive outcome for refugees and also for the host communities. for the past eighteen months the european union has established strong leadership in the process thanks also to the partnerships we have developed in these years.
reportedly north korea would refrain from testing nuclear weapons or missiles during these negotiations.
that is far too much and we are going to continue our work with the united nations and with the african union to empty the camps.
ever. we stand for maximum pressure and dialogue.
in two months we managed to achieve more than in the previous year and already in two thousand and seventeen the results were ten times better than the previous one than.
some countries are experiencing the situation of being at the same time countries of origin transit and destination.
our objective is has always been and remains to help open the political path for a peaceful negotiated solution of north korean denuclearisation.
i especially want to thank and recognise the efforts that the president of the republic of korea president moon has exercised over this month.
it is not by standing aside or pretending we can put a wall between us and the rest of the world that we will shape common solutions.
we also worked with third countries to help enforce the full implementation of all resolutions and we will continue this approach and shortly will launch a new outreach to third countries.
i would like again to praise the leadership and courage shown by the republic of korea president moon and the entire government.
that moment we had just reached an unprecedented agreement between our european union the african union and the united nations in particular the united nation's agencies for migrants and refugees at our eu africa union summit in abidjan.
this is the spirit of the new york declaration that we approved two years ago solidarity shared responsibility multilateralism and engagement.
the european union sanctions regime on the dprk is currently the most restrictive towards any country in the world.
but experience tells us that it is manageable. no country can manage this alone but together we can set up a humane dignified and secure mechanism for governing human mobility.
to achieve this we will need strong un coordination under the leadership of the iom and the unhcr under the respective compacts.
let me say that i regret that one of our member states has recently presented a position that is not in line with the position of the twenty seven other member states.
the summit meeting between president moon and kim jong un in april could start to build the necessary trust deescalate tensions and improve inter korean relations. president trump's potential readiness to accept the invitation to a summit by the month of may represents another possible element of a breakthrough towards a diplomatic solution.
the challenge of human mobility in our century is huge.
fail. we europeans the european union and the member states are ready to do our part as we always
it is time for the member states to effectively implement the commitments made to the european council.
while following strict financial discipline it is crucial that new investments should be made to build an efficient knowledge based economy to reduce administrative burdens for smes and to boost youth employment.
the key issue is to make decisive use of the basic instrument on which the european community is based the single market.
serbian leaders need to do more in the fight against corruption while at the same time ensuring a genuine rule of law in the country.
it is also an important step forward for all the neighbours and the region as a whole.
i hope serbia will remain ambitious in striving for the quick opening of accession negotiations.
it is a hugely positive step forward and recognition of serbia's reform effort.
we need to give member states that are truly committed to the reform programme the time and leeway to meet the longer term competitiveness goals in the best way for them.
it is therefore disingenuous of the commission to overrule the new government of spain when it comes to the implementation of the agreed structural reforms and their corresponding deficit reduction.
mr president at a future time of financial stability it will be appropriate that all measures as defined in the original stability and growth pact are adhered to by all governments.
however when parliament discussed the economic governance package of legislation this house also acknowledged that sanctions and fines only work once countries have returned to a path of stability already in conformity with the stability and growth pact and above all have returned to economic growth.
if the spanish government's statement about the two thousand and eleven deviation of two and a half percent of the public deficit together with drastically changed economic growth forecasts will make the previously set target unachievable then why will the commission not revisit the targets? at a time of crisis targets should be fluid and amended as appropriate given changing economics.
though it is unfortunate that hungary has not been able to do so. considering the two pack negotiations which are ongoing i guess it would be really good if the council would this time endorse the fact that we need more automaticity in order to have a credible two pack result.
in the six pack negotiations the council was against this approach; we were persistent and the outcome was very good.
four countries have actually taken some very important corrective action thanks to the six pack;
we have to remember that despite all these good promises and decisions for instance in the latest council meeting the same council wanted to cut eur five hundred and sixty million from research and innovation in the budget of. two thousand and twelve luckily the parliament was able to stop this but this just proves again that the council does not live up to its own goals and decisions and you have much work to do in the council.
i only want to say that i am sure that if we do not do this we are going to keep beefing up the so called rescue mechanisms to the bitter end due to market pressure.
it has resulted in a contraction of the eurozone at the end of.
who proposed this blackmail clause?
over a hundred billion across the eurozone.
the centrepiece of their scaremongering is the clause which is inserted into the new esm treaty which says that only countries that sign up to this permanent austerity can access the esm funds.
finally is it not the case that the amendment to the treaty on the functioning of the european union to allow the esm to come into being has still not been ratified by the member states and therefore if the irish government is serious about a fair and free debate without this threat hanging over our heads it has the power to refuse to ratify and allow this esm treaty to come into being unless the clause is removed?
did the irish government raise any objection to the creation of a stick that is simply there to beat the irish people with to try and get us to vote for permanent austerity?
the strategy that they are pursuing which is an onslaught on people's living standards and an onslaught on society in greece has resulted in the highest level of unemployment across the eu since the introduction of the euro twenty five million people.
it means without economic growth repayment to the bondholders of four and a half billion euros in principal repayments on top of the interest in ireland;
so let me say clearly that trying to meet the structural deficit targets under article three and the debt reduction targets under article four of this treaty equals savage austerity across europe.
is it the difference between being in the euro area and outside?
today spain is getting concessions to lower its deficit target.
in two thousand and ten mr barroso said the euro is a protection shield against the crisis but the euro fuelled the crisis cheap money generated debt and bubbles.
last year he said that stress tests show that european banks were doing well;
mr president people lose confidence in europe because its leaders are misdiagnosing the euro crisis.
we are going to implement them together with the member states and the social partners in these countries.
we would like to focus on the possibilities across the whole economy but we would also like to be even more concentrated in the areas and sectors where we see a big potential for the new jobs such as health care white sector information communications technologies and the ict sector as such. we are also going to tackle the problems and the obstacles which still hamper the free movement of labour and labour mobility within the european union.
this would end up raising the money on the private market with the sum of
this is how we have to look at the eu budget and this is what i am sometimes missing when we are discussing the eu budget and the mff with member states. thank you very much for your support for the single market act and for your willingness to consider the possibility of fast tracking some of our proposals because we believe that by unlocking the single market potential we can create a lot of new jobs and indeed new growth.
we can actually use eur two hundred and thirty million from the eu budget and leverage it together with the eib to eur seven hundred million.
this as you know was not the commission's preferred mechanism due to its intergovernmental nature.
naturally this agreement could not and perhaps it should not cover all the elements of an economic union and its most pressing objectives like the internal market or economic social and territorial cohesion.
states. i made a point that structural reform must be politically but also socially acceptable to our citizens.
before us. what we need is not constant drama about the euro but hard work and determination in our action to sustain the european social market
i hope that it will be in this perspective that we will have constructive discussions with the member states about it and i am pleased to see that the european parliament has taken that position.
it is therefore vital that all its appropriate provisions can be brought into line with european union law as soon as possible.
i am also pleased that commission proposals on project bonds for infrastructure development and the roll out of broadband were accepted at this european
i believe it is possible.
that is why i place such importance on the tripartite social summit at european level and social dialogue between employers and unions at national
some people continue to say that greece will not make it.
it is the very culture of financial stability that is a condition for a true economic
time. these include among others structural reforms deepening of the single market targeted investment yes we need investment and boosting trade with foreign markets.
to smes. smes are the answer to the need to create more jobs
as we said several times we need financial stability and economic growth the one and the
shared. fairness was a key motivation behind the commission's proposal for a financial transaction tax last
to cement this approach i intend in the coming weeks to present together with vice president rehn a communication on growth and jobs for greece taking stock of the progress that has been made and setting out the top priorities for the future.
solved. a strong unified stance is the only way forward to tackle the
without stability there is no confidence and without confidence we will not get growth and
too. there is no reason for any further delay on adopting the revised savings directive and the negotiating mandates for tax agreements with third countries.
this approach is now gaining support and this european council was a step in the right direction although a lot remains to be done.
as i have said before in this parliament i expect heads of state and government to focus not just on short term crisis management but also on growth smart sustainable inclusive growth which is the key to job creation and the future prosperity of europe.
i look forward to continuing to work with him to build a stronger european union stronger in defence of the interests of our citizens and also stronger in the world. the president of the european council has already outlined the main outcomes of this summit including the important discussions we had on external relations issues namely the situation in syria and relations with iran and of course the very important decision to grant candidate status to serbia. on my side i would like to highlight a few elements that demonstrate that the european union may be turning the corner towards renewed stability and growth. let us be clear;
the situation remains fragile and we have to complete our work including the reinforcement of the firewalls.
there is now less tension regarding the euro area but we are not yet out of the crisis.
these are an indispensable counterpart of our reinforced economic governance.