Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-03-23-Speech-3-092-000"

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"Mr President, the responsible management of financial resources is a basic precondition for the good and stable functioning of households, manufacturing or trading firms, regions, nation states and also federations of states. It is therefore natural that, if a group of European Union states decided to create a single common currency, it must find a mechanism for preventing populist politicians from burdening the common currency with unsustainable liabilities – debts that are used to purchase the support of voters in the short term. The Competitiveness Pact defines certain parameters which eurozone countries in particular should adhere to. The problem, however, is with the implementation of these well-intentioned rules. I therefore firmly believe that the time has now come to apply automatic penalty mechanisms over failures to follow the agreed common rules of management, so that these penalties do not become the subject of political horse-trading in the European Council, where government leaders make up for their many and varied political errors by remitting each others’ penalties."@en1
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