Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-10-06-Speech-3-218"
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"en.20101006.15.3-218"2
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"A new stability pact for Europe is bound to involve the banking system, which represents the other end of the process in which the own resources that are the beating heart of the European economy are used. In other words, the debt that the Member States of the European Union accumulate over time to produce national wealth and distribute it to their citizens is funded and managed by the banks, which should be able to make it produce profit.
While it is true that the Member States will still need a great deal of time to adjust to the standardisation of their financial laws and also to achieve an appropriate level of uniformity within their tax systems, establish decent margins of liquidity, and request reliable leverage effects to guarantee savings and their long-term trends, we must ensure that we can manage to find the right response to the crisis even in the short term.
The own funds that the European Union will have increasing access to will ensure that the aim of EU resources management will be increasingly less to shore up systemic risks and increasingly more to create a set of stimuli to benefit national economies, not only jealously guarded within national borders, but integrated to optimise the use of the respective comparative advantages."@en1
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