Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-05-19-Speech-3-071"

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"Mr President, in the Europe 2020 strategy, we must tackle the roots of the current crisis. Would it be sensible to introduce a monetary union along American lines without the necessary central controls on financial policy? The answer is ‘no’. The euro must not be allowed to turn the EU into a huge redistribution mechanism based on mandatory solidarity. If we are to have a monetary union, it must be a hard monetary union. In addition, the free financial markets must not be regarded as being separate from the real economy in future. Therefore, we need clear rules in the Europe 2020 strategy to deal with speculators and hedge funds. The route proposed by Austria and yesterday by Germany, towards a financial transaction tax, which involves the taxation of profits made by the banks and the financial sector, is definitely the right approach. Let us set an example to taxpayers and remind the financial sector of its obligations at last. We also need to be braver in applying the rules to the Member States. Any state which deliberately falsifies its figures must quite simply be ejected from the euro area. Countries which commit fraud must leave."@en1
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