Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-03-09-Speech-3-116-000"
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"en.20110309.7.3-116-000"2
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"Mr President, a number of EU Member States agreed to create and use one common currency. However, differing economic potential has led to a situation where, for some Member States, the link to the common currency complicates the options for using standard procedures for handling insolvency. All countries using the common currency have therefore agreed to create a mechanism enabling them to resolve existing financial problems and also to prevent these in the future.
The solution agreed on by the countries involved, however, requires an amendment and a supplement to Article 136 of the Treaty on the Functioning of the European Union, and acceptance of this solution by all EU Member States. However, responsibility for the common currency is currently borne mainly by the 17 countries of the European Monetary Union, and it is therefore logical that the European stability mechanism should have an intergovernmental character, and the position of the European Commission as a simple observer is, in my view, sufficient."@en1
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