Brussels, 08/12/2011 (Agence Europe) - On Thursday 8 December, the Spinelli Group presented its proposals for addressing the crisis prior to the opening of the European summit. “We wish to warn against the temptation of a Franco-German 'coup de chefs d'état'”, stressed Guy Verhofstadt, MEP (ALDE), saying: “To put an end to the crisis and return to euro stability, we have to take the road to a federal Europe”. The Spinelli Group believes decisions taken will only reassure the markets for a few days. Sylvie Goulard (ALDE, France) underlined that European leaders have been trying to settle the crisis for two years now and public opinion has understood that there is a problem. This, she said, must not grow worse. Isabelle Durand (Greens/EFA, Belgium) said the leaders' lack of action was terrifying.
Members of the group suggest a two-tier solution. They call for immediate setting in place of the economic governance package, the “six pack”, adopted in 2011 in which one “finds all the sanctions that are needed”, Verhofstadt said. The group also wants a collective debt reimbursement fund, which must be linked to a complete roadmap for the introduction of eurobonds. It calls for the transformation of the European Financial Stability Facility (EFSF) and of the European Stability Mechanism (ESM) into a bank, with a banking licence and the ability to purchase bonds. Finally, members of the group underline that a new strategy based on a federal budget financed by massive use of “project bonds” is necessary. These project bonds will provide funds for investment in the modernisation and ecological transformation of the European economy, and should focus on areas such as transport, energy and scientific research projects.
Daniel Cohn-Bendit (Greens/EFA, France) said that the basis for his action is a “magic square”, of which the angles are all of the same size: “solidarity, discipline, sustainable growth and democratic control”.
The Council, Verhofstadt went on to say, threatens to lose its way in unproductive discussion, saying they should focus on five concrete measures. What is needed is major treaty change, not minor change, he said. Once these immediate measures are in place, the Spinelli Group hopes the Treaty will be fully revised, in order to restore market and public confidence. It calls for a new convention to be launched, one that would involve citizens.
According to Verhofstadt, the proposals submitted by the Spinelli Group could be supported by Jean-Claude Juncker, Elio Di Rupo and Mario Monti, who is a member of the group. (CG/transl.jl)