Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-01-20-Speech-3-318"
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"en.20100120.16.3-318"2
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"In the treaties of the European Union, there is a clear division of competences. The economic policies of the Member States are of common interest to the Union but, at the same time, the national budgets are the competence of each Member State.
Given that there is a single currency in 16 countries of the Union and, at the same time, a view to extending that, as the idea of monetary union is something which appears in the Maastricht Treaty as the most all-inclusive objective possible, there is, of course, observance of the rules of the Member States with regard to their budgets, because this affects the economy and the monetary system as a whole.
Therefore, it is necessary to avoid excessive public deficits, which is something essential to the functioning of economic and monetary union, and out of the two, the one which has developed most, it must be acknowledged, monetary union, not so much economic union.
Hence, the Stability Pact and hence, in Maastricht in its time, today Article 123 of the Treaty on the Functioning of the European Union forbids deficits or the granting of credit to cover those deficits by the European Central Bank and the central banks of the Member States whose currency is the euro. It also says in the treaty that neither the Union nor the Member States will assume or respond to the obligations of the central government or other public authorities of another Member State.
Therefore, each Member state must underwrite its debt commitment and the Council has stated that all Member States must do this, and remains confident that Greece and the other Member States will make the necessary decisions to correct their economic imbalance in order to conserve the strength of their national economic and financial environment.
It must be remembered that an excessive deficit procedure anticipates supervision of economic policies in justified cases. The Council is going to debate the case of Greece, we hope, in February. It is probable that then, whilst dependant on the Commission’s right of initiative, recommendations will be adopted and, therefore, strategies set out, in such a way that the European Union can express its interest and its involvement in difficult situations or circumstances which certain Member States may experience."@en1
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