In the light of growing complacency in national capitals that the euro zone crisis is over ALDE Leader Guy Verhofstadt is calling for a key debate during next week's plenary session in Strasbourg with all major EU actors, i.e. European Commission, Council and Central Bank, to assess the reality and the long term effects of the measures taken so far.
 
"EU leaders may well repeat to each other that the worst of the crisis is over but they should take a reality check. Stocks are falling across Europe and Spanish bond yields are on the rise again. Most of the measures taken so far are showing once again their short term nature, including the fake firewall", said Verhofstadt referring to recent speculative attacks that have forced the Spanish government to make further cuts in public spending in addition to the 27.3 billion euros of cuts already adopted at the end of March to bring down the public deficit.
 
Ahead of the last informal Finance Ministers' Council meeting Verhofstadt indeed reiterated the need for a real, structural firewall by establishing a European redemption fund of at least 2 trillion euros to convincingly underpin EU 'defences', all the more urgent now that bigger EU countries, like Spain are showing signs of weakness. "The disappointing results of past indecision are already producing their effects. EU leaders must now explain the reality that we are all witnessing".
 
"We have constantly repeated that we need long-term and structural solutions and to stop just buying time with mere sticking plasters. Member States and EU top leaders must take our warning seriously and not dismiss it like some kind of Cassandra", Verhofstadt concluded.