Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-05-19-Speech-3-036"
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"en.20100519.3.3-036"2
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"Mr President, too rapid centralisation and Europeanisation, possibly also in relation to the introduction of a European currency, are part of the cause of the current problems. The fact is that the European currency simply cannot be a hard currency in the long term, because it has brought together very different national economies, some of which are in a weak position, under the same umbrella of monetary policy.
Now the call is for a common, centrally managed economic policy to accompany the single currency, which amounts almost to European economic governance. It is undoubtedly true that weak national economies must be subjected to strict controls on their budgets and their debt management strategy if they want to remain in the euro area. However, the sort of centralisation which takes the form of Brussels exerting budgetary authority over all the Member States would, in my opinion, be a massive and improper intervention in the sovereignty of the Member States. This would really just mean going from bad to worse.
The crisis must not be used as an excuse to introduce more EU centralisation, which is something that many people have wanted since before the Treaty of Lisbon came into force. If we really want to learn lessons from the current crisis, we may have to find a quite different structure for European monetary policy. This may be something like a European hard currency union in a core Europe, in which the national economies that do not meet the convergence criteria would exclude themselves from the euro area.
We know that austerity programmes will soon be the order of the day throughout Europe. One thing is clear: if the Member States and the citizens of Europe have to introduce savings, then the European Union must do the same, perhaps by investigating the overlapping areas of authority and duplication of effort among its forest of agencies and sorting out its budgetary controls. We in Parliament will also have to consider whether, by increasing our staffing budget and raising the secretarial allowance, we are sending out the right signal at a time when savings are being introduced across the board."@en1
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