Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-06-Speech-2-367"

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"en.20100706.27.2-367"2
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"Mr President, the Europe of the euro area is experiencing an economic decline without precedent in its history, the weakest growth in the world, the highest unemployment, and a continuing decline in competitiveness. This total failure was made manifest to everyone during the recent sovereign debt crisis which affected Greece, and which will continue to affect Spain, Portugal, Italy and France, resulting in the general impoverishment of the populations of these countries. You had promised the convergence and the harmonisation of the European countries. Today, you are rushing us towards a social and political explosion. You alone bear the responsibility for this current tragedy, because by imposing a policy of a single, uniform and totalitarian monetary policy on economies which are so divergent, you have encouraged frenzied speculation among some people and economic sluggishness among others. How can we explain the fact that Spain, which had a budget surplus of 2% in 2007, is today experiencing a deficit of 12%, if it is not because the single and uniform interest rates of the ECB have encouraged unprecedented real estate speculation in this country, which today is covered with empty houses? The entirety of the European banking sector is effectively contaminated by this new sub-prime crisis, the consequences of which are causing great fear. Your only response is to propose that we persevere in this error, though you have been wrong on everything, by continuing the takeover by the European Union and increasing its powers through upstream control of the national budgets, and by imposing on the European people an unprecedented austerity policy. to err is human, to persist is of the Devil."@en1
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