kfajdsl/voxpopuli huggingface dataset:
the bold decisions taken over the last days and indeed over the last weeks and months allow us to take a message to our partners at the g twenty summit in cannes of a europe that is determined that is responsible that is united. europe will push at the g twenty for an ambitious action plan that can address the challenges and imbalances that are still hindering growth at the global
at the same time i believe that it is also important to ensure the credibility and further reinforce the independence and objectivity of all our technical work not only in terms of economic preparations but also in terms of the independent collection of statistical
in effect heads of state and government have pledged to build on the measures of the six pack' and the european semester by strengthening the commission's role in assessing monitoring and coordinating national economic policies and budgets.
they mean the beginning of a long path of hard work.
we insisted that the different aspects of the crisis should be tackled together and not in a piecemeal purely reactive fashion. we set this out in the roadmap to stability and growth which i presented to you on twelve october and also sent to heads of state and government at the same time.
a global approach to stabilise the euro and i am relieved because finally and it has to be repeated we are now abandoning our hesitant approach of the last twenty months. let us also be very blunt about that this crisis and the reason for this mess has been prolonged and worsened by the way this has been handled from the beginning
what we need is to use article twenty eight of the conclusions of yesterday.
but that is not the economic governance we
a few good days on the markets do not mean that we have already reached our goal and that the euro is still stable and again stable and again strengthened.
commons. but let us be honest he is pleased to be outside but he wants to be inside to influence all these decisions and he is criticising
will we possibly see control of the region's banking system handed over to the middle east and asia?
as the leaders of europe have been bickering and squabbling and falling deeper into the mire the newly elected president should surely have jumped to attention and started to flex his muscles.
outside the united nations you stated that the eu was the fatherland of democracy.
but you have been about as visible as credit in the european governments' treasury.
the euro has done more for european disunity than anything else turning country against country leader against leader taxpayer against government.
europe is not giving new money to the banks and instead they are expected to find eur one hundred billion themselves and also write down eur twenty billion of greek debt. this can only come from restricted lending or from outside investors taking advantage of the buyers' market and will probably end up buying up most of the european banking system.
perhaps you are going to take raffle tickets to the next g twenty meeting with the top prize being greece. this whole period has raised some serious questions about you mr van rompuy.
how will that affect growth in the economy?
they start with the council congratulating itself for having taken unprecedented steps to combat the effects of the financial crisis.
now it is calling on member states to focus public spending on growth areas but there is no real public money available to spend on growth areas in the next few years what with the collapse in growth rates and the demand that deficits be brought under three by.
two thousand and twelve this is fundamentally anti democratic;
the conclusions go on to talk about our ambitious agenda for growth' but the truth is we simply do not have an agenda for growth and we certainly do not have one for job creation.
it is quite outrageous that the conclusions talk about improving the growth and employment outlook.
it would shift the essence of the stability and growth pact away from political debate and profoundly affect the way that progressive politics can be conceived and pursued at both national and european level. the other striking thing about these conclusions mentioned by martin schulz is the total lack of regard for this parliament.
it is an attempted rightwing coup which tries to freeze out alternative ideological approaches to dealing with the crisis.
the budget balance concept is a political concept and if it becomes embedded in national constitutions it will permanently enshrine a major chunk of rightwing ideology moving it away from normal democratic processes.
the fact is that it has been forced to take unprecedented steps but always too little and too late forced to do so by nervous markets because of its uncertainty and hesitation.
we should have with twenty three million people unemployed but incredibly these conclusions do not even mention unemployment.
two thousand and thirteen to make matters worse the conclusions later say that building on the six pack' the european semester and the europe plus pact euro area member states will be required to adopt the fiscal rules translating the stability and growth pact deficit and debt rules into national legislation preferably at a constitutional level by the end of.
just a few weeks ago the council with the support of the liberals and epp here was happy to agree an economic governance package without accepting any differentiated treatment of public investment spending.
this will never be passed.
we should allow non eurozone members such as my country to decide again if they even wish to enter.
this is an unprecedented case and i am afraid that it will create an enormous burden for the eu economy and that it will result in very high long term costs.
i have the feeling that the only answer to the current problems will be the reduction of the eurozone and sooner or later this will have to be done like it or not.
we have found a very costly and only temporary solution.
that is the main reason why for instance the czech prime minister wishes to call a referendum on this matter which has my full support.
the vast amount of both private and public funds will be poured into the debt bailouts.
only a buying of time a temporary solution.
one good thing is the call for a balanced budget the so called balanced budget rule.
i was very pleased to see sunday's council giving a renewed commitment to completion of a single market.
this means that we are at the very beginning of a massive fiscal transfer and one never before seen in european history.
that is the only reasonable way out of this mess.
mr president dear colleagues good morning as i said to the journalist only a few hours ago. all the union's institutions and governments have been expending significant political capital
it also includes a voluntary contribution by private creditors who had lent to greece.
just because of the new instruments such as the european semester but also as a result of events. today no government can afford to underestimate the possible impact of public debts or bubbles in another eurozone country on its own economy;
difficult. improvements are possible and it can be useful to give the public and the markets a sense of our medium term
there is some truth in this.
the new programme includes an extra effort by the official sector.
this ambitious package in particular the measures to increase competiveness and to liberalise the economy now needs implementation.
all along we had a double duty dealing with the current crisis and preventing a new one from arising;
i am very happy about this achievement and your improvements to
that. moreover monetary policy is at the heart of economic policy and the seventeen have a common monetary
and the. twenty seven not only is it my intention to organise euro summits if possible immediately following a european council meeting but it is also the case that the commission and parliament will continue to play their
everything is in everything and vice versa.
however during the summer some doubts crept in about the package's implementation. although these proved unfounded in the end all seventeen parliaments duly approved it within three months the harm was done.
we approved a coordinated scheme to recapitalise banks across europe.
it became necessary to take further measures both for greece and to stop contagion as well as to address weaknesses in the banking system.
right. this brings me to my concluding remark on our
we therefore took yesterday and on sunday important decisions on the five fronts where action is needed.
sunday's european council discussed this extensively and adopted measures to stimulate growth and create jobs. beyond the immediate crisis we have all along kept sight of the broader picture.
states. my reasoning is
each option could lead to leverage of up to four or five times. they can be used simultaneously so as to increase the robustness of the financing strategy.
on top of this we have had to work since july in a different economic climate.
we all work in the same direction sound budgets lower debts sustainable
we have identified two approaches for the efsf.
equal. they were asleep in the euro's first decade and even if they are currently overreacting the markets will not go back to sleep
mix. monetary policy alone is not enough to deal with the situation.
this is essential for the prospects for growth.
among the. twenty seven it gives the union cohesion and is the very basis of our prosperity.
measures. my intention is that we discuss first the what' before we discuss
from a series of national debt crises the situation was evolving into a systemic concern threatening the stability of the eurozone as whole and this threat had to be contained.
the second front a sufficient firewall against contagion thanks to an agreement to multiply up to five fold the firepower of the european financial stability facility rescue fund.
i have worked hard with all the european council members and in particular the president of the european commission to achieve this result.
in this context the euro summit welcomes the clear commitment of italy to achieve these objectives and to abide by the timetable it set itself.
people who only focus on one or other aspect and rush to denounce them as insufficient miss the overall picture and the interactions between the various elements.
last night was a crucial political step which still requires as after any such meeting technical and legal follow up.
you too have participated in that process for instance through the legislation on the supervision of the financial sector and more recently the six pack' on economic governance.
it is the overall combination of institutional pressure peer pressure and market pressure that will help us to avoid getting into such difficulties again. all three forms of pressure have been enhanced institutional pressure above all thanks to the financial sector supervision and the six pack legislation
of trust. i will personally do my utmost to avoid divisions between the seventeen
credible. in politics one needs time to bring everybody on board and tie diverse interests together in a solid
reaction. improving europe's capacity to act is the best sign of mutual trust we can give to the public the markets and ourselves.
of a mouse. political processes even if they are working at their most rapid cannot deliver
cement. yet it is crucial that we put in place rules and procedures that will anticipate problems in the future and prevent them from
too late. the markets have the luxury of moving at the speed of a click
package. time is the politician's
arising. and it is also crucial that we develop emergency procedures enabling a more speedy and flexible
so speedily. approval of the july package by the seventeen national parliaments in two and a half months is impressive by political standards even if it is slow by market
negotiation. moreover at some point the request to always be faster is just not
the how'. first we should examine the goals and only afterwards the legal instruments required to get there. treaty changes are
the leverage could be around one trillion euros under certain assumptions about market conditions the set up and investors' responsiveness in view of economic policies.
together the five elements constitute a comprehensive package and are all interrelated.
the fourth front further fiscal consolidation by those member states which need more sustainable public finances and more structural reforms.
juncker. of course any proposal for a treaty revision would also be a matter for your parliament to consider as indeed are other possible
sometimes i hear complaints that markets do not give democracies the time we need to get things approved.
your debates and the work of your committees have also furnished many of the ideas that have shaped this process and in some cases decisively improved the outcome.
so we must keep the two configurations as close as possible in a spirit
under the second approach the fund could set up one or several special purpose vehicles to finance its operations.
market speculation can sometimes become a self fulfilling prophecy.
impact. the president of the commission and i both have this experience.
the first one aims at giving credit enhancement to sovereign bonds issued by member states.
again. let me stress that these three types of pressure to induce responsible behaviour reinforce each
policy. yet we need a policy
state guarantees to improve the longer term funding will safeguard the flow of credit to the real economy.
in the end only sustained economic growth can bring back confidence create jobs and absorb deficits.
growth. that is the result the citizens
and of course most of them will in due course join the euro. however it is vitally important to safeguard the integrity of the single market
let me take one step back. i should like to underline that the decisions taken by the four summit meetings since sunday are part of a process which has lasted for more than a year.
market volatility began to grow and this during the very days when brinkmanship in the us congress about their potential default was adding to the flames.
we cannot have a common currency and a common monetary policy and leave everything else to the states
global economic growth is slowing dramatically not only in europe but also in the united states and some emerging countries.
use of time. the european union is often charged with coming up with too little
the first front a sustainable solution for the greek debt.
further. let me be clear the eurozone is not a derogation from the european union it is part
the ratio of highest quality capital will be increased to.
i should also like to underline that stimulating growth is an essential part of the package.
summits. some have expressed the fear that these will lead to divisions between member
on dealing with the debt crisis.
the immediate political reaction to the july package was positive.
they would be punished by the voters. if one compares this situation with that of ten years ago the pressure which leaders put on each other has become much more intense as we have seen in recent
direction. but a treaty change is not the right way to deal with an immediate financial crisis. so we have to get the different time perspectives
but i am deeply convinced the markets will give us the time we need when they see a clear direction and a clear determination.
a new eu imf programme of up to one hundred billion will be put in place by the end of the year.
we also commend italy's commitment to achieve a balanced budget by two thousand and thirteen and we take note of the plan to increase the retirement age to sixty seven years by.
taking emergency actions like setting up rescue funds while also putting together step by step a new economic governance to help avoid future problems.
it. we took a further step last night in agreeing that for euro area member states in an excessive deficit procedure the commission and the council will be able to examine national budgets and adopt an opinion on them before their adoption by the relevant national parliament. peer pressure has also become more effective not
simple. it is perfectly natural that those who share a common currency take some decisions together. in fact one of the origins of the current crisis is that almost everybody had underestimated the extent to which the economies of the eurozone are linked and we are now remedying
roles. a third and final institutional remark the euro summit decided to reflect on a further strengthening of economic convergence within the euro area and on improving fiscal discipline and deepening economic union including exploring the possibility should this prove necessary of limited treaty
investment being committed to sustainable inclusive growth and also to employment.
since many of our member states do not have the fiscal space to do this we are proposing to use the community level so that we can promote growth through some kind of public investment. in the european council discussion on growth i had the occasion to put forward some proposals
this is why it is important to have convergence but also discipline. if we want to have a true european economic union we need both.
sometimes in europe when people criticise the european union they should be more precise about what they are criticising. is it the european union as a project?
i believe the heads of government and our member states are learning that lesson.
for instance in point twenty six they make a commitment of course it is a political commitment but it is an important one that at national level they will stick to the recommendations of the commission and the relevant commissioner regarding the implementation of the stability and growth pact even before any kind of formal decision by the council.
unfortunately this has not yet been done.
determined implementation.
this is not only about austerity.
we need more than ever a stronger european union; we need more than ever a strong euro and we will work for that if there is convergence between the main institutions.
at the same time we can internally in the european union try to see what we can do to avoid this kind of behaviour.
that is where i want to ask you also to make the case for europe in our own countries as was highlighted on several occasions.
we need growth and to have growth we need more investment public investment.
it is not just about convergence we need more discipline so that we can achieve a higher degree of integration.
this is exactly the kind of behaviour that we cannot accept in the future.
i believe that we do have the circumstances where governments understand that if they really want to keep financial stability and to stick to a common currency more discipline more integration and more convergence is needed.
regarding the economic governance of the euro area let me put things clearly. we are in the current situation in europe not only because there was irresponsible financial behaviour but also because our member states or most of them did not respect their commitments regarding the stability and growth pact.
that banks should be subject to constraints regarding the distribution of dividends and bonus payments until the target has been attained. yesterday in the european council i said to the european heads of state and government that the commission is ready to bring forward a regulation if they really want to be sure that the banks will respect this orientation.
such as project bonds the connecting europe facility and the possibility of anticipating some of the proposals for the next multiannual financial framework so that we can also show our citizens that we are serious when we speak about the possibilities of growth and are ready to make some kind of public
first of all many of you spoke about banks and why we are taking decisions for banks and not being tougher with them.
mr president it is good that some progress was made during the european council summit last night and it seems that the financial markets are cautiously celebrating. i am pleased that president van rompuy and president barroso are here this morning.
the eurozone countries must of course find a solution to the problems inherent in fiscal union.
we need more details of the changes to the efsf as decisions taken behind closed doors seem confusing in the cold light of day.
the weak must be strengthened but in the short term this is a big ask of the strong especially germany.
concerning the efsf the credit enhancement option has similarity to mortgage and us department guarantees whilst the spv option has similarities with known structured products.
the spv funds need to be found at a reasonable cost and then we will have a window to get the growth package working and sort out the debt overhang or we will find ourselves facing similar problems again.
bank recapitalisation and still missing crisis resolution are overdue in part because of political weakness and previous denials of the situation.
finally overall we still have to find a solution for the fact that growth was built on debt for too long.
spain like ireland has piled its debt onto the shoulders of its citizens.
yes we have bought some time but the feel good factor did not last past lunchtime today.
as a large country it was able to demand and get those few extra crumbs from the table but that in the final analysis is all it amounts to.
it is because of the toxic link between insolvent banks and sovereign states that are already under significant pressure.
surely eu leaders can see that we are fast approaching the end of the line.
we need emergency scaffolding to prop up the crumbling infrastructure of the euro right now and in my view the minimum required is some kind of banking union a deposit interest guarantee scheme eu wide banking supervision and regulation and crucially some kind of bank resolution scheme.
yes there are some cosmetic differences and some face saving for spain.
her life and reign epitomise devotion to duty commitment sacrifice courage and impeccable judgment.
we in northern ireland look forward to a visit from her majesty later this month.
i believe it fitting that this house join with parliaments and politicians across the world in marking this significant milestone by sending warmest congratulations to her majesty and to his royal highness the duke of edinburgh on this diamond jubilee.
madam president in recent days we in the united kingdom and across the commonwealth have been celebrating the diamond jubilee of her majesty queen elizabeth ii marking her sixty years as monarch and her steadfast selfless service.
it will be our opportunity to celebrate to thank her for her reign over us and to wish her well in the years ahead.
we can all greatly learn from her majesty's example.
in return she has the affection love and respect of people right across the world.
the new government will need to deal decisively with the debt crisis unemployment and above all with the systemic corruption which is blocking the serbian economy and serbia's society.
i hope that the new national assembly will execute its oversight powers more aggressively in the future.
i hope that the outcome of the ongoing negotiations will result in a deal that brings a stable and strong pro european parliamentary majority.
serbia needs an active parliament if it is to meet its challenges in the european integration processes.
this is irrespective of the fact that the consumer may return the car to the rental company with fuel remaining and the consumer will not be and is not reimbursed.
while respecting the specific arrangements for close cooperation between parliament and commission that are set out in the framework agreement we respect and will continue to respect that framework agreement and while respecting each of the three institutions' roles under the treaties it is by working better upstream that we believe we can really make sure our combined efforts deliver effective and ambitious results to address the challenges europe faces.
you know this already.
the need to create jobs and to create growth;
we intend to adopt the two thousand and sixteen work programme on twenty seven october. in the run up the commission will engage actively in dialogue with parliament in full accordance with the framework agreement.
a first orientation debate will be held in college a week from now.