Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-24-Speech-3-079"
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"en.20101124.6.3-079"2
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"Until 2007, the rest of Europe was amazed at the economic development of Ireland, the ‘Celtic Tiger’, which achieved dream economic data with low corporation taxes and little regulation. But now reality has hit. The Celtic Tiger has shown itself to be a lame duck that the rest of Europe has to lend a helping hand and take by its limp wings. EUR 90 billion from the euro rescue package – that is EUR 300 per Austrian citizen – is now to go to Ireland. This is not only theoretical state guarantees that, after the black sheep Greece, are now going to Ireland and then perhaps to Spain and Portugal, too; it is genuine taxpayers’ money. It is also taking the European monetary union a step further towards a transfer union in which euro states which manage their economies well have to keep their purses open to pay for the mismanagement of others. The EU has addressed this issue far too late and it remains to be seen whether the decisions taken by the European Council will actually be followed by action. We must stop wasting billions in taxpayers’ money on speculative banks and on states which manage their economies poorly. There must be an end to the transfer union. We need a mechanism that enables bankrupt states to have genuine insolvency and then also removes these states from the euro area. We cannot keep patching up a sickly monetary union. Instead we need a strong, core European monetary union."@en1
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