Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-23-Speech-2-280"
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"en.20101123.33.2-280"2
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"The international financial system really is amoral and immoral. The latest developments in the Irish crisis have reassured the banks that they will be able to carry on handsomely rewarding their shareholders and taking risks in the long term, since the Member States and the European taxpayers will always be there to save them. Privatisation of profits and public ownership of large-scale losses … Heads I win, tails you lose … It is paradoxical, and indeed scandalous, that the turmoil in the stock market caused by Ireland’s sovereign debt is the direct consequence of the aid that the country granted to its banks – aid that has made its deficit worse than ever before and sent its debt soaring. Moreover, the banks that it saved, or their sister banks, are the ones that are today speculating against it. However, the main lesson to be learnt from all this is that the euro is a millstone round its Member States’ neck and that the European Central Bank’s policy, like the euro exchange rate, is geared solely towards Germany. The Member States that have fared best are those that have retained some flexibility with regard to their currency and their exchange rates. Their national currency, that is! It is high time everyone learnt from this."@en1
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