Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-02-09-Speech-2-225"

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"en.20100209.13.2-225"2
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". Madam President, the following observation must be made: the Economic and Monetary Union is indeed monetary, but hardly economic. Europe’s monetary concerns are in conflict with the economic and budgetary sovereignty of the Member States. At this moment in time, speculative attacks on the euro could have disastrous consequences. Greece, Portugal, Ireland and Spain are the most affected. Behind them, however, the entire euro area is at risk. To avoid the worst, Europe must urgently introduce a form of common governance of its economic and budgetary policies. After all, that is what economic union is all about. Only in this way will we, together, have a realistic chance of consolidating public finances in the euro area and beyond. With the current instruments, and by persisting with the budgetary sovereignty of the Member States, I fear that this consolidation is a pipe dream, with all the consequences that that entails."@en1
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