Dear colleagues.

Here we are again.  

The Council has just agreed on a bail-out. This time 100 billion for the Spanish banks. And the markets don't believe us. Monday and yesterday, spreads have gone up dramatically, to more then 500 basic points. And not only the Spanish spreads - but also the Italian spreads. 

Why ?  Are they mad? 

Or colleagues - are we mad? Are we seeing things properly? 

Well, I think we all know the answer.  

Unless and until we have a structural and global solution to the crisis, we will simply continue fire fighting as we do now. One fire after the other. Greece, Ireland, Portugal, Spain, Italy. Not setting up a systemic answer. Not building a real fire wall that can resist.

Not putting in place the building blocks, we all know that are necessary. 

First, a banking union - with a deposit guarantee scheme and a single supervisor. 

That means that we have to do now what we tried to do two years ago, when we asked for a single supervisor - and what happened? The Council said no. 

We asked for a deposit guarantee scheme - and guess what. It is blocked in Council today. Council has not even adopted a position. 

The second element is the fiscal union including a redemption fund. The one we will vote for in the Two Pack today. So there is no need for any initiative from the Council or the Commission. You simply need to respond to the legislative proposal of the Parliament. 

And finally - equally important, we need a political union - including a real economic government.

All these three elements need to move forward. Need a clear roadmap. A timeline. And more important an iron cast commitment.  

Now, on the 28th of June, and not the day after. With 27 or with 17.  Or less if needed.  An iron cast commitment to save the euro.

Finally, a word on the MFF. 

A credible Union needs a credible budget. And a credible budget needs credible income. And not a membership fee of 1 %, as if the Union was some local neighbourhood club. 

Our Union is a political project. It is about building a common future. So we need a direct link, a financial link, between our citizens and the Union. 

Not as an additional burden, but replacing the fees paid by the member states. 

For my Group the establishing of real own resources is key. Otherwise we will not give our consent to the new Multi- annual Financial Framework.