Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-10-20-Speech-3-062"
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"en.20101020.3.3-062"2
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"The economic recession hit Member States with varying degrees of severity. However, the difference does not extend beyond the borders of the euro area, which might be assumed to be the case from an economic perspective. Unfortunately, the single currency has not resulted in economic alignment so far. In fact, precisely the reverse has happened. There are currently far more differences between the countries in the euro area than there were when the euro was introduced. This is extremely dangerous.
The Stability and Growth Pact indicators are clearly not accurate and do not work. This is why automatically imposing sanctions will not, in itself, yield positive results. This will have even less of an impact on all 27Â European Union Member States. Even the opposite might happen, with the economic stereotypes which are ends in themselves creating new problems.
The solution is clear. Member States’ economies must converge as far as possible so that the same measures can be used to achieve the same results everywhere. This means more EU-wide policy, more instruments for European institutions, a higher budget and greater budgetary independence for the European Union, including through increasing the proportion of its own revenue."@en1
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