Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-03-23-Speech-3-063-500"
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"en.20110323.15.3-063-500"2
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"The draining of European public finances as a result of the Member States’ crucial commitment to controlling the fall in growth following the financial crisis has created significant public deficits which are subject to frenzied speculation. It required the European Stability Mechanism (ESM) to be made permanent. I welcome the institutionalisation of this instrument, which clearly expresses solidarity within the euro area, and which, in return, calls on its members to be more responsible. Firstly, activating this mechanism provides assistance to Member States in serious financial difficulty and, secondly, the mechanism requires those States, in return, to reduce their deficit. By implementing a shared approach to the management of part of the Member States’ public debt and by making their economies converge, this mechanism is in fact part of a more comprehensive strategy which my political family broadly supports, namely economic governance of the euro area. We are not talking here about a theoretical gadget or a European gimmick; we are talking about a clear need and about real progress for Europe. The strength of our currency, our capacity to import at low cost and our ability to attract investment to Europe are dependent on this strategy."@en1
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