Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-03-25-Speech-4-041"
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"en.20100325.3.4-041"2
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"Mr President, the crisis through which we are struggling is the worst in eight decades and the most significant since the launch of the Community project.
It started with the North American subprime mortgage crisis and, following the collapse of Lehman Brothers, it is now in its third phase, after leaving Europe with a 4% drop in GDP in 2009, more than 23 million unemployed and a sharp deterioration in the state of the public finances, with debt in excess of 80% of GDP.
The European Central Bank played a decisive role in maintaining liquidity in the system, using non-conventional mechanisms to counteract the credit restrictions and cooperating closely with the main monetary authorities.
Now that a moderate recovery is expected and there is no inflationary pressure, it must continue to contribute to the reestablishment of credit and avoid compromising the economic recovery through the early or indiscriminate withdrawal of the extraordinary measures.
The crisis has shown us that the monetary and economic pillars – the basis of monetary policy – need reinforcing. One eye needs to be kept on the progress of the prices of the principal financial assets and private debt in order to guarantee the stability of prices and the economy in general.
Twenty Member States currently have excessive deficits. The true meaning of consolidating public finances – an unavoidable task, that must be done in a coordinated and intelligent way – is restoring demand, promoting investment, and favouring reforms that will allow the economy to be revived, increase the potential for sustainable growth and create jobs. Greater economic union may make the difference.
Global imbalances need to be corrected. The European Union is one of the most balanced regions. That could come under threat unless its competitiveness is strengthened and there is greater international monetary cooperation. We will only improve our ability to compete globally if we strengthen internal economic cooperation in the areas of competitiveness and the balance of payments, in order to correct the imbalances and differences within the euro area.
The efforts and courage of Greece deserve clear and resolute support. It is a question of common interest and uncertainty harms all Europeans. Subsidiarity and solidarity are two sides of the same coin: the European currency. As Mr Trichet said in English, French and German, the euro is more than just a currency: it is our common destiny.
I have repeated it in Spanish, which is one of the European Union’s global languages. I will finish by saying it in Greek, which is the language that best expresses our universal vocation: Το ευρώ είναι το κοινό μας μέλλον."@en1
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