14 September 2012

Statement by President Barroso following his meeting with Minister-President of Hessen, Volker Bouffier

Barroso called for euro area commitment to the ideas of both solidarity and responsibility, and said a brake should be put on the irresponsible behaviour of some of the players in the financial markets.

"The European currency, the euro, is not the cause of the crisis. We have countries outside the euro that have had in fact big problems in their financial sectors. The euro is not only a currency, it is also an expression of the European unity and what the European project means in terms of peace and prosperity for all of us. It is and remains one if not the major asset of Europe and I believe that the European countries, namely the euro area countries will do what is necessary to defend that currency. And this requires determined action not only from Brussels or from Frankfurt, from the European Commission or from the European Central Bank. It requires a constant effort from the national governments to put their finances in order, namely the countries that have allowed big debts grow. And it also requires from all of us in the euro area to be committed to the ideas of solidarity and responsibility. Not only solidarity, not only responsibility – we need both. And we need to put a brake on the irresponsible behaviour of some of the players in the financial markets."

"Here, in Wiesbaden which is very close to Frankfurt, one of the most important financial centres in the world and indeed the important financial centre in continental Europe, we should not forget that one of the root causes for this crisis is precisely some behaviours in the financial sector. Between 2008-2011, €4.5 trillion from Member States' budgets have been made available in support of banks.

This is why we need financial stability and why we need some more integrated forms of supervision in the EU, namely in the euro area, and that is why the Commission has put forward some proposals that we are of course discussing constructively with our Member States. But these we believe are indeed very good contribution for our common goal that is financial stability.

I am sure that the financial centre of Frankfurt will greatly benefit from the future central role of the European Central Bank in banking supervision and enhanced stability. And the city's banks can have hope: their reputation will become better again once it is clear that they respect and implement the new rules and the important standards we have in the euro area and in the EU.

That is what we have. But we also know that the crisis is not over yet and that a lot remains to be done. Minister-President Bouffier and I agree on the goal and that is good. We probably do not agree in all the details, steps and speed to achieve it but I think that we can say that we are committed to this project, this great project it is the European unity and also the euro as an expression of this unity."

"These issues are sometimes difficult, even experts do not know sometimes very well what they are saying. So we need to make the case with our citizens: what is at stake, what can we gain if we have a solution and what we can lose in Europe if we do not have a solution for the euro. And I believe that we are going to have a solution, I believe in determination. And that is why I am asking all the political leaders, all the democratic leaders, namely those who have such a responsibility like [those] leading such an important Land like Hessen to explain these issues, to make the case for Europe with rational and reasonable arguments."

Press release

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