Statement by Sharon Bowles MEP at the opening of the extraordinary meeting of the European Parliament's Economic and Monetary Affairs Committee (29th August 2011)

"We have had a difficult summer. I know some of us have had little respite. This has all happened during the recess of the Parliament which has meant the view of Members collectively has been absent, although of course individuals including myself have been prominent in the wider debate.

"The purpose of the meetings today - and we have already had an in camera session with President Trichet - is to hear the latest situation and for us to respond. For the last five weeks Members have had time to absorb sentiments on the ground at home and coming together to share and input thoughts is part of the search for a solution.

"I do not intend to repeat all that I have said other than that I find the quote from the fictional character Sherlock Holmes to be appropriate. When you eliminate the impossible, you are left with the improbable, no matter how unlikely that seems. There are various improbables to consider, some - like Eurobonds - have received a lot of attention. Unlike Sherlock Holmes we do not need to find just one improbable as the solution - we may need several in varying degrees and we will have differences to resolve. Where we all stand together, and what is eliminated as the impossible, is fragmentation of the Euro.

"Many of the changes that are being mooted for increased economic governance beyond the six pack may have profound effects on the EU and its procedures. We know that there is a schism between what some Governments will have to do and public sentiment and the mixed and surprising messages that seems to generate. Bridging that gap will not be helped by excessive doses of intergovernmental procedures. In contrast to this EU institutions - the ECB in particular - have been more reliable and consistent. This reinforces my view that there is also another impossible in my book - saving the Euro must not cost us theUnion."

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