Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-03-09-Speech-3-105-000"

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"Mr President, I have three points. Firstly, deficits are not caused by currencies. They are caused by governments and overspending. I think that is perhaps bad news for Mr Bloom, who spoke here earlier, because if he was right and the responsibility was that of the currencies, that would be extremely bad news for the pound or the dollar, where we have the biggest deficits globally today. The responsibility lies with governments. That is why it is important that we secure and structure the stability mechanism in a way that helps Member States get out of difficulties, but also helps to ensure that Member States do not get into difficulties. That is why I think it is important that the financing of the stability mechanism is structured in such a way that those who are exposing us to bigger risks by having bigger deficits should be obliged to pay more in order to contribute to the mechanism. Then you have some kind of ‘polluter pays’ principle and you also have a preventive action in the stability mechanism, contributing to the stability of the euro as such. That is why I think we need not only to discuss the formal structure of the stability mechanism, but also how we finance it. We need to secure stability in a long-term perspective as well as in the short-term perspective."@en1
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