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The EU's plan for economic and fiscal union

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I think that, as you, we believe also in a strong euro, so we fully backing you in your priorities for this presidency. And I think that in the six months under this presidency you have one top priority, one top priority and that is to establish, I think, the fastest as possible, a real economic governance inside the European Union and inside the euro zone. Because let us be clear: 2010 was not an example, a good example for the euro and for the European Union. We were always running behind the facts, after the events. What we need now, the fastest as possible, under your leadership and the leadership of the President of the Commission, is a global package on economic governance, a real economic and fiscal union, because it's nonsense to have a monetary union and not at the same time an economic and fiscal union. And what I'm asking to you, is not to invent new ideas but just simple to take the package of last week of the President of the Commission and of Commissioner Olli Rehn and to put this package with his four cornerstones on the table of the Council and on the table of your colleagues. I miss only, Mr Orbán and Mr Barroso, one element, one cornerstone in this package. Nowhere in the world there exist a currency without one bond market behind it. In Europe we have still 27 bond markets, 27 speculations and 27 spreads. In the eurozone we have still 17 bond markets, 17 spreads and 17 speculations. What the markets are doing for the moment, is not speculating against the euro but speculating on the difference inside the euro. And the only way to tackle that is to have a genuine bond market in Europe of 4000-5000 billion euro that can be compared that what exists in other parts of the world, with a special treatment for the triple-A countries in any way.

Video Details

Duration: 2 minutes and 29 seconds
Country: France
Language: English
Genre: None
Views: 105
Posted by: mmister on Jan 25, 2011

Guy Verhofstadt MEP, leader of the Liberals in the European Parliament, giving a speech in Strasbourg this week on the need for continued economic and fiscal integration at the EU level.

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