Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-06-Speech-3-359-062"
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"en.20110706.18.3-359-062"2
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"The current crisis has laid bare the weaknesses of the euro area, not least its vulnerability; the fact it is an economic and monetary union lacking its own policies for economic, financial and budgetary coordination; the existence of failings in terms of surveillance; and the repeated failures of some Member States to meet their obligations under the Stability and Growth Pact, with all the associated systemic risks.
All this has contributed to exacerbating the economic crisis and to creating the current sovereign debt crisis, made worse by increasing pressure from the markets and credit rating agencies. I therefore consider the rapporteur’s proposal to undertake a transparent audit of public debt very positive.
Finally, I would stress the importance of adopting the economic governance package, which has already been debated and voted for in this House, and which is essential in order to get the public accounts back in order and start a new cycle, which I hope will be one of accounting stability and rigour, and of growth and competitiveness."@en1
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