Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-11-Speech-3-591-000"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2011-05-11"^^xsd:date2
dcterms:Is Part Of	lp_eu:Developments in the ongoing debt crisis and the EU response (debate)2
dcterms:Language	"en"^^xsd:language2
lpv:document identification number	"en.20110511.35.3-591-000"2
lpv:hasSubsequent	lp_eu:2011-05-11-Speech-3-592-0002
lpv:speaker	lp:Danuta Maria Hübner2
lpv:spoken text	"Mr President, our duty is to look for the best solutions to cope with the crisis, to which end the learning process is of great value. My feeling is that we have learned why things went wrong and how we got ourselves into the difficult situation we are in today, but my feeling is also that now we are less open to drawing lessons from the evolving reality. In this context, I would like to raise two issues. First, we can see great similarities between Member States with regard to public debts and deficit ratios, while, at the same time, for the same Member States, there are substantial differences between the risk premiums paid on their sovereign debt. In my view, this is clear proof that factors other than sovereign debt enter into the picture and influence markets. Among other things, it is foreign debt or excessive external imbalances on which markets have focused, and this clearly means that in responding to the situation, we must go beyond fiscal adjustment. The second issue is related to the fact that those economies that are the most strongly affected by the crisis have to cope with a combination of high risk premiums and severe austerity measures. This double challenge makes achieving debt sustainability practically impossible. If we reject debt restructuring, then we need a better balance between punishment and assistance and the design of response packages which would make it possible to avoid pushing countries further into a debt trap."@en1
lpv:spokenAs	member; Conference of Committee Chairs (2009-07-20--2012-01-18)3 member_of_the_bureau; EPP (2009-07-21--2014-06-30)3 member; Special Committee on the Financial, Economic and Social Crisis (2010-07-05--2011-07-31)3 member; Delegation for relations with the United States (2009-09-16--2014-06-30)3 unknown; Platforma Obywatelska (2009-07-14--2014-06-30)3 substitute; Special committee on the policy challenges and budgetary resources for a sustainable European Union after 2013 (2010-06-17--2011-06-30)3 chair; REGI (2009-07-20--2012-01-18)3 substitute; ECON (2009-07-16--2012-01-18)3 substitute; Delegation for relations with Switzerland and Norway and to the EU-Iceland Joint Parliamentary Committee and the European Economic Area (EEA) Joint Parliamentary Committee (2009-09-16--2014-06-30)3
lpv:unclassifiedMetadata	"Danuta Maria Hübner (PPE )."1
lpv:videoURI	<go to Events_and_structure europarl>2

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