Faymann: "Let’s not miss the opportunity to shape Europe’s future"


Statement of the Federal Chancellor to the National Council on "Shaping the future of Europe jointly – with employment, growth and stability"

"The European Council took crucial decisions at the right time, which will allow us to anticipate developments of the financial markets in the future. Austria has actively participated in these decisions. We will not be able to protect Austria in the best possible way unless we join forces to protect Europe as a whole against speculation," Federal Chancellor Werner Faymann highlighted in his statement on the future of Europe to the plenary session of the National Council today (Wednesday). At today’s meeting the European Stability Mechanism (ESM) is expected to be adopted. "In Austria we owe the low interest rates for government bonds and the good employment situation to the joint efforts of all Member States to promote the social and economic development of the European Union", said Faymann.


"It is our goal to prevent speculators from controlling individual EU Member States and to make sure that it is the policy-makers who determine the framework conditions. We should not miss the opportunity of shaping Europe’s future, and therefore we must clearly oppose all agitators making only gloomy predictions and offering no solutions. It’s very clear to me – we are firmly committed to Europe", said the Federal Chancellor.

Faymann informed that the European summit had given the green light for establishing a banking union in the future. The ECB would prepare proposals for a single bank supervisor. "This supervisory authority has to be able to intervene when risks emerge in the European banking sector. It is important to create powerful instruments allowing us to take fast and preventive action", said Faymann. According to the Federal Chancellor, the next steps were to get a banking license for the euro-bailout fund, to set up a repayment fund and to define clear fiscal rules for common debt management. "But there is still a long way to go before preventive instruments are implemented."

According to Faymann, proposals would be submitted by October with a view to exploring opportunities to strengthen cooperation under the existing Treaties. A Convention had to be set up before further measures could be taken. "Austria advocates that this Convention starts to work as soon as possible as we need the wholehearted support of the citizens and intensive information work", said the Federal Chancellor. "Our tasks are to intervene in the short term, to further develop the necessary instruments in the medium term as well as to win support for closer cooperation in Europe in the long term."

"Together we managed to raise 120 billion euro for employment and growth at last week’s Council meeting. This is the right investment in a fair Europe", stated Faymann. Austria had also been successful with regard to its appeal for a financial transaction tax at the EU summit. The request for enhanced cooperation on the financial transaction tax of several Member States was to be elaborated and adopted by the Council by December 2012.


"I am convinced that we must now assume joint responsibility across party lines. For the future development of the EU will determine whether our children and grandchildren will be able to grow up in a fair, social and peaceful Europe. In this spirit, I ask you to endorse this campaign of solidarity", concluded the Federal Chancellor.