Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-10-20-Speech-3-038"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2010-10-20"^^xsd:date2
dcterms:Is Part Of	lp_eu:Preparations for the European Council meeting (28-29 October) - Preparations for the G20 summit (11-12 November) - Financial, economic and social crisis: recommendations concerning the measures and initiatives to be taken - Improving economic governance and stability framework in the EU, in particular, in the euro zone (debate)2
dcterms:Language	"lv"^^xsd:language2
lpv:document identification number	"en.20101020.3.3-038"2
lpv:hasSubsequent	lp_eu:2010-10-20-Speech-3-0392
lpv:speaker	lp:Roberts Zīle2
lpv:spokenAs	member; TRAN (2009-07-16--2012-01-18)3 substitute; Delegation to the EU-Chile Joint Parliamentary Committee (2009-09-16--2014-06-30)3 member_of_the_bureau; PECH (2009-07-16--2014-06-30)3 substitute; ITRE (2009-07-21--2012-01-18)3 member; Delegation for relations with the People's Republic of China (2009-09-16--2014-06-30)3 unknown; Tēvzemei un Brīvībai/LNNK (2009-07-14--2014-06-30)3 substitute; Delegation to the Euro-Latin American Parliamentary Assembly (2009-09-16--2014-06-30)3 member; Special Committee on the Financial, Economic and Social Crisis (2009-10-08--2011-07-31)3
lpv:translated text	"Thank you, Mr President, Mr Barroso (who has left the Chamber). First, I should like to thank the rapporteur, my fellow shadow rapporteurs and the chair of the committee, Mr Klintz, for the compromise that we at last managed to arrive at. I shall only speak in relation to two items in the report, with which I am not satisfied, and they concern neither Germany nor France. Firstly, as the result of aggressive cross-border investment, since 2004, private household debt and business debt in many new Member States has grown, even by as much as 10 fold. Moreover, the absolute majority of these loans were taken out on terms that left all the exchange-rate risk with the borrower. This, in turn, means that the governments of these countries have little room for manoeuvre in their macro-economic policy apart from cutting public spending and raising taxes. At the same time, the primary concern of households is solely to make loan repayments in euro terms. Unfortunately, there is scant reference to this in the report. My second point, which is linked to the first, is this. Let us picture such a new Member State, whose GDP has fallen back to a pre-accession level, to a pre-2004 level, only with a private debt 10 times as large and public debt five times as large, and this Member State can deduce from this report that even cohesion policy may be altered, altered in such a way that the main criterion will no longer be GDP but crisis management in a specific territory, which could have extremely significant political consequences. Thank you."@en1
lpv:unclassifiedMetadata	"per capita"1
lpv:videoURI	<go to Events_and_structure europarl>2

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