Speaking time on European Council conclusions (12th December 2012)
President,
There is a lot on the agenda, and alas most of it diluted. My wish is that those things that need to be done fast are done fast - which mainly mean which is where it is connected to money and debt. Every twist and delay makes any bailout, restructuring, write off, buyback, and even the redemption fund more expensive. If we had faced reduction of Greek bond debt sooner, it would have cost less without putting profit in the pockets of hedge funds.
On other issues the pace has probably been too fast - the single supervisory mechanism is an example. The Parliament has delivered a good and balanced position and we await our co-legislative partner getting a negotiation mandate. Remember the deal has to be done with us, it is not finalised in the European Council.
Presidents you have also both raised the issue of more scrutiny. My committee is not shy of this: where was the economic dialogue invented? In the ECON committee in this Parliament. But, boy, did we have to fight.
We have established meetings with national Parliaments for the scrutiny of the semester process. Our steps have been welcomed - but attendance by ministers is voluntary and by Commissioners gets squeezed between Greece and press conferences.
As we move forward with SSM and further steps in the EMU we have shown ourselves ready to scrutinise to the maximum, but give us real scrutiny including powers to summon the attendance, when we want it.
Finally on the 2 pack - communitising intergovernmental steps is welcome, but there is need for ambition in facing the sovereign debt crisis. Delay may be politically convenient but as I said time is money- not just in the final bill, but in the human cost and on the blight of uncertainty that lays over the plans of individuals, business and Europe.
ENDS