The president denounced Russia for using force to annex part of another state and said it was important that the EU speaks with one voice: "What is happening in Ukraine is unacceptable and must never be repeated anywhere."
However, Mr Schulz warned Europe against "sleep-walking" into an ever escalating conflict: "The European Parliament urges you to think about the conflict from the point of view of its outcome and to keep all channels of communication with Russia open."
The Ukrainian people need the EU's support, both political and financial, stressed Mr Schulz. "We must help Ukraine get back on its feet economically, to overcome divisions in its society, and to guard against rifts and radicalisation." He said the EP would do everything to ensure the €3 billion from the EU budget would be made available as soon as possible.
The president also welcomed the deal reached with the Council this week on a system for the resolution and recovery of bankrupt banks following tough negotiations with the Parliament. "A resolution mechanism for bankrupt banks is essential to the success of banking union," he said. "We could not and would not accept a deal which did not safeguard the interests of ordinary Europeans." Mr Schulz said it was important that the taxpayer should no longer be required to foot the bill for bailing out banks and that the toxic link between bank debt and sovereign debt is broken.
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