European Councils come and go. The last one sunk without a trace. 

It denotes a terrible complacency. Does President Van Rompuy or Mr Barroso seriously believe that because Italian interest rates have gone down that the crisis is over? 

Does anybody here really believe that the efforts of Mr Monti or Mr Rajoy will suffice to put an end to the crisis?  

That the fiscal compact will put an end to the mess? 

That the merger of the two rescue funds will finally fix it. 

The reality is that Mr Draghi has bought us time. Time in the form of 1 trillion euros. 

So colleagues, there is no point in congratulations.  A structural solution still has to be found. 

And we all know what the structural solution is.  

A partial mutualisation of debt. We all know this. Certainly, the rest of the world knows it. From the US treasury in Washington to the Chinese government in Beijing. It is only here, in Europe that we cannot see the light. 

Dear colleagues, I will repeat it again. We need to establish a redemption fund that puts in common all debt beyond the 60% mark. A fund and a solution compatible with our treaties. A solution also compatible with German constitutional law. A common sense solution.  

A fund of 2,3 trillion euro's. That would reduce the interest rates for all participating member states - including for Germany. A fund not on the back of the taxpayers. But a fund paying less interest to the bondholders. 

Let me be clear, colleagues, this Parliament will not adopt any new legislation on related to the eurocrisis unless it contains such a proposal. 

Finally, a few words on Syria. 

Yesterday 47 bodies where found in Homs. Bodies of women. Bodies of children. Stabbed.  Burnt. Tortured. 

How many deaths do we still need? 

Kofi Annan reports that they don't seem to understand reality in Damascus. Well let's help them.  

Let's stop all flights.

Let's send back all Syrian ambassadors. 

Let's prevent all Assad's friends from travelling. 

Let's also do what President Obama is doing. Look into all options. Humanitarian corridors.  Safe havens.  Assistance to the Free Syrian Army - be it technical or other. 

Something colleagues must be done. 

Otherwise Syria will become a new Srebrenica, a new Sudan or new Rwanda. 

[The file with the Speech -ARCHIVE - is available here]