Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-03-23-Speech-3-081-000"
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"en.20110323.17.3-081-000"2
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"Madam President, it has been said here that it is not the euro that is in crisis, but the Member States that have got into debt. That is the nub of the crisis – irresponsible indebtedness that has been carried on for many years. That is what we must now stop. That is why it is right that the European Stability Mechanism must be strict. That is also why it is right that this has been the case in the bail-outs that have taken place. That is also why it is right that Ireland is not given an interest rate reduction.
This indebtedness must end. Once again I am hearing the social democrats talk of a distinction between good and bad debt. Of course investment is different to consumption, but at some point too much good debt becomes bad debt too. We need to be fair to future generations, we need sustainable public finances – and then the euro will become stable again.
The pact for the euro involves too little Community method. That has been said here, and quite rightly so. I share this view.
I would like to say a final word about Libya. The Council has supported resolution 1973. We must now look to the future. I agree with Mr Salafranca Sánchez-Neyra when he says that France has played a very good role. However, had Turkey been invited to the Elysée summit then we would not be having these problems in NATO and the situation would be considerably easier for us all. Moreover, I hope that the newly appointed head of the transitional government in Libya will soon be visiting us here in Europe."@en1
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