Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-10-21-Speech-2-119"
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"en.20081021.7.2-119"2
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"Given the current exceptional market circumstances there is a need for concrete measures in order to ensure sufficient flexibility in the implementation of the Stability Pact. The unprecedented events have exposed the limits of the European financial integration system when confronted with a crisis of this magnitude. When the Stability Pact was reformed, no one could have expected such financial turmoil and the flexibility given to the Stability Pact in case of economic slowdown seems to be insufficient in the light of recent events. We ought to maintain budgetary discipline, but more flexibility should be established to allow for the new members to join the euro zone as soon as possible. Within the current rules, the financial crisis could indeed prevent new members joining the euro zone as scheduled. The economic rationality underlying the construction of the European exchange-rate mechanism should be readapted to the current financial circumstances so as to create the conditions for sustainable financial markets in countries acceding to the euro zone. Speeding up the process by allowing individual paths for adopting the euro in each accession country depending on its economic conditions could be a solution as the financial crisis has emphasized the need for acceding countries to be anchored in the euro zone."@en1
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