Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-05-20-Speech-4-177"

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"en.20100520.16.4-177"2
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"The huge deficits and debts facing many Member States of the EU is indeed an important problem, having created the financial crisis which we are experiencing and which we all need to manage. However, the causes of these financial aberrations are not the causes identified by the rapporteur. State budgets have been derailed because: a) in every crisis, state spending (social spending, spending for growth) increases, b) the merchant banks were saved and c) tax competition was intensified, with a clear reduction in corporation tax over the last twenty years. Consequently, our analysis of the facts is completely different from the analysis made by the rapporteur, who believes that the governments are responsible for the financial derailments."@en1

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