Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-06-23-Speech-3-035"

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"en.20100623.9.3-035"2
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"In the introduction, item 11 of the conclusions of the European Council talks about taking account of the specific situation of euro area countries in reinforcing preventative instruments for achieving the objectives of the Growth and Stability Pact. These instruments include the new European stabilisation mechanism. After publication, of course, a legitimate discussion began over construction and the level of fairness of the relevant shares of the various countries which are committed to fulfilling the pact. Financial experts have repeatedly agreed that the proposal submitted for discussion between the ministries, to determine the size of a country’s contribution according to its share in the basic capital of the European Capital Bank, would be completely inappropriate in this case, since it would benefit countries with greater assets in the banking sector, at the expense of others. Apparently, it would be more correct to determine the guarantee amount of the various countries in the stabilisation mechanism on the basis of the decision criteria in the European Central Bank. However, there is no answer yet regarding the mechanism’s strange concept of solidarity, which even relies on poor countries incurring debts in order to maintain the solvency and high living standards of badly managed rich countries. I am not sure whether that would be quite proper."@en1
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