Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-03-23-Speech-3-090-000"

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"en.20110323.17.3-090-000"2
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"Mr President, the Dutch guarantee of many billions of euros prompted the former Minister of Finance, Mr Ruding, to say ‘The road to budgetary hell is paved with guarantees’. Indeed, the guarantees that have been granted have been too large and too risky. They will not help avert the crisis, because they are shooting wide of the mark. The current European crisis was caused by those who irresponsibly allowed debt to mount up and those who failed to comply with the agreements made. If we do not tackle these core issues, we can give as many guarantees as we like, but they will still not be of any help. We have a Stability and Growth Pact. As early as 2004, it was laughed out of the room by Germany and France. We had an opportunity to strengthen the pact, with automatic penalties, in particular, but what happens? The penalties remain subject to political decision-making. That is unbelievable. The German writer Hans Enzensberger correctly foresaw what would happen. He predicted that the current situation will cause the citizens to regard the European political elite with cynicism and contempt."@en1
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