Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-23-Speech-4-489-500"
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"en.20110623.37.4-489-500"2
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The economic and financial crisis that has rocked the euro area has threatened the instruments of economic and monetary union, and demonstrated the harmful consequences of asymmetric shocks and systemic risk, in a monetary area that is not considered optimum. This report, which is part of a package of six reports on economic governance in the EU, aims to create preventive and corrective mechanisms, so avoiding budget deficits and excessive debt. Furthermore, it institutionalises the European Semester through the need for the involvement of all the European institutions, where national reform programmes should incorporate EU objectives. I should also like to stress that it seeks to expand the mechanism of reversed qualified majority voting in the Council to all stages of the process of assessing, examining and monitoring the Stability and Growth Pact and national convergence programmes. I am voting for this report because I believe the EU needs to send a message of stability to the markets, using a short- and long-term economic governance strategy. The sovereign debt crisis rocking the EU – in particular the three countries already bailed out, not least Portugal – will only be overcome with concerted decisions and increased involvement of the EU institutions, in particular Parliament and the Commission."@en1
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