Governo, Speech of the Prime Minister at Single Market Week Launch

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di redazione

Roma,

15 Ottobre 2012

Prime Minister Mario Monti on Monday welcomed the start of a week of events on the European Union’s single market, which commemorates 20 years on the 1st of January 2013. He started by congratulating Commission President Barroso and the EU in general for being awarded the Nobel Peace Prize. “This prize is a testament to the role played by the EU as a factor of integration and reconciliation among European peoples, overcoming the legacies of two World Wars. The EU has been a driver of modernisation and democratisation. It offers a model to be emulated by other parts of the world engaged in regional cooperation. I believe that the Single Market constitutes a major part of this achievement”. Mr Monti, who was a Member of the European Commission in charge of the Single Market from 1995 to 1999, called on the completion and deepening of the Single Market as “an important component of the EU response to the economic and financial crisis” in terms of delivering “in its strategy for growth and jobs”. This requires the “investment of political capital”. “We all have a responsibility to ensure that the Single Market remains a living political project. And the best way to do that is to accept the uncomfortable truth that the Single Market is subject to risks of roll back and even of disintegration,” he said, warning about the effects of the current “fragmentation” of financial markets along national lines. “We can best address these risks if we recognise them openly. We need to move forward with greater integration of financial markets, completing the Single rule book, creating a single supervisory mechanisms complemented in time by harmonised rules on guarantee of bank deposits and the resolution of banking crisis, backed by a central resolution authority. I welcome the realistic proposals put forward by the Commission in this regard.We need also to consolidate the decisions of the June European Council on the stabilisation of sovereign debt markets and on the use of the ESM to recapitalise banks directly, as soon as the Single Supervisory System is established and effective. Solutions should be specific to the euro area problems they intend to address, but they should be open to the participation of all the Member States who want to take part in them. Any solutions should respect the integrity of the Single Market and the unity of the EU institutions.”