Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-03-25-Speech-4-328"
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"en.20100325.34.4-328"2
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"The euro area has faced an economic crisis of great magnitude during the last two years. The cohesion of the policies applied by the ECB and consistent, yet relevant measures have ensured that the impact of the crisis has been kept to a minimum in the euro area. The exception to this, Greece, came about due to systemic errors compounded over time and kept hidden. The impact of the economic crisis has been felt significantly harder outside the EU’s euro area. Romania is an example of this where, in spite of current appropriate economic measures, the impact of the crisis is considerable. The effects would have been much smaller if there was fiscal responsibility, and Romania would not have entered the first year of the crisis, 2009, with a 5.4% budget deficit at a time when, just one year before, it reported record economic growth. While states in the euro area have already been reporting a shift into the black for their own economies during the last six months, the first shoots of economic recovery, albeit fairly modest, are evident in Romania only now. However, this cannot be sustained without a drastic reduction in the budget deficit, which is required to prevent us from ending up in the same situation as Greece. The mechanisms for imposing penalties on Member States in the case of failure to meet the vital macro-economic indicators must be deployed without delay."@en1
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