Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-03-25-Speech-4-211"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2010-03-25"^^xsd:date2
dcterms:Is Part Of	lp_eu:Explanations of vote2
dcterms:Language	"pl"^^xsd:language2
lpv:document identification number	"en.20100325.34.4-211"2
lpv:hasSubsequent	lp_eu:2010-03-25-Speech-4-2122
lpv:speaker	lp:Czesław Adam Siekierski2
lpv:spokenAs	member; EPP (2009-07-14--2014-06-30)3 substitute; Delegation for relations with the United States (2009-09-16--2014-06-30)3 unknown; Polskie Stronnictwo Ludowe (2009-07-14--2014-06-30)3 member; AGRI (2009-07-16--2012-01-18)3 substitute; CONT (2009-07-16--2012-01-18)3 substitute; REGI (2009-07-16--2012-01-18)3 member; Delegation for relations with the People's Republic of China (2009-09-16--2014-06-30)3
lpv:translated text	"In my speech, I spoke about the situation in the euro area and public finances in 2009. The verdict expressed by my vote has a broader context. As predicted by economists, 2009 was the most difficult for crisis-hit Member States. The Union’s GDP fell by 4%, industrial production by 20%, unemployment rose to 23 million and so on. The costs of fighting the crisis have led to a drastic worsening of the situation of public finances. However, some countries, even before the recession, showed a high level of public debt which was in contravention of the Stability and Growth Pact. For the euro area, the financial crisis has proved to be the greatest challenge in its history. The crisis has ruthlessly laid bare the weaknesses of the common currency system. The most serious of these is, without doubt, the existence of huge differences between euro area countries in terms of the stability of their public finances and level of debt. It suddenly became apparent that the Stability and Growth Pact, which was, in principle, to be a guarantee of meeting convergence criteria, was being disregarded by national authorities and also by EU authorities. The lack of discipline, and the lack of an appropriate system of penalties, led, as a result, to a crisis of the common currency. Many politicians who are not in favour of European economic integration have already announced the collapse of the euro area, and are circulating a vision of catastrophe for the whole process of integration. I think, however, that these views are not justified and are speculative in nature, for the euro area is faced with an opportunity for thorough reform, which will improve mechanisms of supervision and ensure greater coordination. We only need to carry out that process rationally."@en1

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