Statement by Martin SCHULZ, EP President on the results of the European Council:
- on the fiscal union
Lieu: Berlin, Germany
End production: 29/06/2012 First transmission: 29/06/2012
"Act decisively and quickly," European Parliament president Martin Schulz told EU heads of state and government at the opening of the June European Council in Brussels today. The president, attending the hour-long first session of the Council, called on EU governments to "take every feasible short-term measure to stimulate growth", while ensuring democratic legitimacy and a truly European dimension in all decisions.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||EU Office in Berlin, exterior views (3 shots)
||Arrival of EP President Martin Schulz
||SOUNDBITE (German) Martin SCHULZ EP President:
"This is a provisional analysis of the summit since I don't know what the final agreements are yet, but I think there are 3 main points.
I'll repeat what I said yesterday to the heads of state and government. A lot of this could have been done earlier. A lot of the proposals that have now been agreed on went through the European Parliament in the last 2 years. 2 of them for example - the banking union - we submitted detailed legislative proposals on this. The tax on financial transactions probably got the biggest approval the Parlament has seen in the last few years. Why have we lost so much time? But it's good that it will finally be implemented. I think what has been agreed on regarding the stability mechanism is good. It's going in the right direction. Some agreements are moving in the direction of a banking license for the ESM.
It's good that Spain will not have to mount up debts of over 100 billon, and that the banks will loan the money directly. That will avoid a downgrading of Spain. On the other hand, a country like Italy, where Prime Minister Monti is doing everything in his power to reach the 3% mark as quickly as possibly and now has better interest rates, that clearly a sensible move. The reaction on the markets and the increase in the value of the Euro since yesterday shows that this is a step in the right direction. But it's not enough. As well as the 120 billion that will be made available and will be used in specific countries to encourage growth and put into investments that stimulate growth and to fight youth unemployment. Those are good steps. We need to carry on fighting against the continuing lack of democracy in Europe. The European Parliament must insist that this is the Union's Parliament and all policy in the Union must be legitimised by the Parliament. I will continue that fight.
||SOUNDBITE (English) Martin SCHULZ EP President:
I think the yesterday night results of EU Council Conclusion are going in the right direction. I've opened yesterday the Council meeting addressing the Heads of States and government remembering them that the position on the agenda adopted by the Council today were already tabled by the European Parliament in the last two years.
I mentioned the for the financial transaction text, I've never seen such a majority in the EP in the last 18 years. There was a broaden majority than in favour of the financial transaction text. Why we waited two years?
The Banking Union, the European Parliament tabled concrete legislative measures for the banking union two years ago, so this is time lost, but better later than never and therefore the today's decisions are going in top the right direction. What the Heads of States and Governments decided about the stability mechanism is going ion to the right direction.
The direct financing of the Spanish banking system is a right step, because it is avoiding the inclusion of 100 billion sovereign debt in the budget of Spain as a state. That would have a reverse effect of immediate downgrade of Spain and higher risk to be refinanced on the so called markets, would immediately push the sprats for Spain Therefore what was decided for Italy and for Spain is meaningful and is going in the direction of having the banking licences for the stability mechanism proposal of the EP since a long time.; The tendency of some of the member stated to exclude the EP is I think a democratic deficits. We fight against this, this must remain on the agenda, I fight against this and we will continue. One step taken yesterday is also going in o the right direction 120 billion for immediate investment for growth and employment; especially for some countries where the unemployment of young people is enormous this help is very necessary. I hope that in to the last conclusion, the announcement of the Heads of States and governments for an ambitious 7 year budget will be taken seriously and we can finalise the negotiations until the end of the year.
||Exterior view of the EP office in Berlin