madam president the euro plus pact might be useful but it must not be used as an excuse for weakness in the legislative package
a strong commitment to the single market is key to competitiveness in the eu and therefore the euro area
that is welcome but single market initiatives remain in the framework of the treaty and the twenty-seven
the esm facility i fear lacks flexibility and is unsustainable for recovery with a two-and-a-half to three per cent risk premium
i understand the need for discipline and risk provision but these rescue mechanisms are not for money-making especially when there is self interest beyond eurozone stability such as several member state banks being supported by irish taxpayers as has been mentioned
we have not solved the banking crisis nor will we by being faint-hearted
germany even has not recapitalised its own banks nor recognised impaired assets and also relies on the indulgence of everyone else in the eu and worldwide to allow silent participations as core capital otherwise stress tests will be failed
so president of the commission president of the council let us have some vision some humility some honest self appraisal the very least you can do is to treat risk premiums as collateral and give them back when the risk is gone
small-mindedness will not save the euro and the markets know that
