Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-06-17-Speech-2-072"

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"en.20080617.5.2-072"2
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"Mr President, in taking the floor in this debate on behalf of the UEN Group, I wish to draw attention to the following issues. Once again the European Commission is reminding us of the need to meet all of the Maastricht criteria prior to entry into the euro area, with reference to the new Member States. Meanwhile, it is choosing to remain silent regarding the fact that, at the time the euro was introduced, many of the old Member States did not meet these criteria. Secondly, despite changes in the Stability and Growth Pact that benefit such countries as Germany and France, the characteristic lenient position taken by the Commission with regard to the largest States in the euro area concerning observance of the Maastricht criteria has not changed. The Commission has in the past tolerated both significant budget deficits and, especially, a level of public debt exceeding 60% of GDP, and it appears to be tolerating these still. In 2006 public debt in the Fifteen was, on average, 63% of GDP, and as many as half of the countries in the euro area had a public debt that exceeded 60%. In this situation, Slovakia’s achievements in the form of a deficit of 2.2%, or a public debt of just 29%, with inflation at 2.2%, are particularly worthy of mention. Slovakia’s entry into the euro area will be an important experience for the new Member States. They all have a relatively low level of GDP per head, a large income differential over the populace, a low level of affluence or a relatively low overall level of prices. The consequences of introducing the euro in Slovakia, especially..."@en1
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