Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-06-19-Speech-2-356"
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"en.20070619.44.2-356"2
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"Mr President, quite apart from the political problems created by the ‘no’ votes in the referendums – and this applies to other issues as well as this one – I feel that the consequences of a ‘no’ vote would be different for the countries you mention than for the Swedish economy, or than the consequences of the opt-out clauses for the United Kingdom or Denmark.
The United Kingdom, Denmark and Sweden are highly industrialised, one might even say post-industrial, economies that do not have to carry out a process of nominal and real convergence, that have carried out many of the structural reforms needed to derive maximum benefit from belonging to a single currency, and in which the financial markets, investors and ratings agencies have great confidence. Unfortunately, none of these characteristics are apparent, for the time being, in Poland, Hungary and the Czech Republic, countries with high rates of growth but with large ongoing nominal and real convergence processes, which requires them, their citizens and their authorities to carry out significant reforms and to work extremely hard. They need to resort to external savings in order to fund their investment and growth processes and need to gain confidence with markets and investors. I therefore feel that failure to promote the euro as a medium-term strategy as part their macroeconomic policies, and their policies as a whole, would lead to great difficulties for these countries."@en1
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