Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-03-24-Speech-3-080"
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"en.20100324.12.3-080"2
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"The horrendous financial crisis in Greece and the financial imbalance in other Member States of the euro area raise questions about the static and dynamic strength of the very structure of EMU. There can be no doubt that the restoration of the public finances of a Member State of the euro area is its responsibility. However, the financial crisis has brought the correlation between full, uniform monetary union and the imperfect economic union of the EU to the surface. It has urgently highlighted the need to set up politically directed European economic governance, for Europeanising economic policy and economic risk, for covering the structural deficits of EMU, for more Europe and for coordinated and solidarity-based European action. What is needed is a European support mechanism, a European Monetary Fund equipped with the necessary resources and facility for intervention. Coordinated regulatory intervention is required in order to protect the common currency against speculation. A detailed examination of the operation of the credit default swaps market is needed. The European Council is being called upon to give fundamental answers to the crisis in the euro area and to express real solidarity towards Greece in order to overcome the financial crisis. Greece is not begging. It is demanding that the short supplies of Greek citizens should not vanish into the pockets of international speculators."@en1
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