Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-12-15-Speech-3-093"
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"en.20101215.5.3-093"2
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"Let us remind ourselves that the eurozone crisis is mainly a sovereign debt crisis which has been exacerbated by two significant events. One is the bail-out of private financial institutions, whereby private debts were taken over by sovereign debt, and the other is the stimulus packages used by governments to slow down the economic decline. We ignore these two events and treat all countries as if they were a reckless happy-go-lucky group lazing in the Mediterranean sun. Any mechanism we put in place to deal with crisis prevention and recovery should bear in mind that, in normal times, countries were duly following plans to reduce their deficits and subsequently their debts. Errant countries were the exception and not the rule. By all means, let us increase the surveillance mechanism and put some reasonable sanctions in place, but we should not lose sight of what we want to achieve in the medium term: growth and employment. These goals are not achieved by sanctions and imposed austerity measures. They come about when we understand how imbalances are created and reduced, and we work together to achieve these goals. This is what the citizens of the EU expect from us."@en1
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