Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-02-09-Speech-2-226"
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"en.20100209.13.2-226"2
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"Madam President, we must identify any weaknesses in the eurozone and address them with vigour, because the alternatives are too bleak to contemplate. A glaring weakness is the lack of a strong centralised monitoring function of the whole eurozone economy.
Special attention needs to be given, firstly, to the discontinuation of cash-flow accounting by any EU Member State, and their finances. Secondly, the public finances and the reporting need to be audited according to EU-approved standards. Thirdly, oversight should be provided for economic forecasts which have been a cause of unnecessary and misleading public financial projections. Fourthly, the results of stress tests by the EU need to be published regularly. Finally, I think we should discourage eurozone members from the easy way out of financial engineering and fiscal one-offs, delaying real adjustments which we all know must come from credible and sustainable spending programmes."@en1
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