Plenary speech to the European Parliament by Sharon Bowles MEP
"Mr President, crisis solutions are fast becoming binary: lenders of last resort and leaders of last resort, or not. Further shocks will happen and I do not think that we can avoid accepting losses on overpriced assets at some stage.
"But there are more ways to exploit the depth of a combined bond market. There is more strength within Europe than going round with a begging bowl to China. Investors are reluctant about the EFSF and now care must be taken in courting sovereign wealth funds.
"If guarantees are wrong, instead of a transfer of funds from Germany to other parts of Europe, which does have mutual benefit, we risk transfer of those same funds to China with no benefit.
"The single market is crucial for growth. The fruits of tighter discipline within the Eurozone could be undermined if intergovernmentalism and protectionism fragments the EU and damages reputation. In this, the Community method is our guardian."
ENDS