Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-07-Speech-3-300"
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"en.20100707.23.3-300"2
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"This resolution on the European Financial Stability Facility, the European Financial Stabilisation Mechanism and other future measures reads like a horror story. It shows that the political establishment, which is made up of Social Democrats, Conservatives, Liberals and the united left, has learnt nothing from the financial and economic crisis. It also demonstrates very clearly that the establishment is now ready to repeat the mistakes which have led to this crisis. For example, when the euro is described as a security anchor, this turns reality on its head. Forcing very different national economies to work together has actually destabilised financial policy. The interest spreads that we hear so many complaints about are completely natural. They are a representation of the economic strength of a state or, from the other perspective, the risk for investors.
Tough austerity programmes are now absolutely essential in order to resolve the budget deficits and balance the national budgets again. Eurobonds will further destabilise the euro area and turn the EU into even more of a transfer union. I am opposed to this, which is why I have voted against this resolution."@en1
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