Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-14-Speech-3-029-000"

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"Mr President, President Barroso, ladies and gentlemen, back in the day we in the stated that the euro, as it had been introduced, would do more harm than good. We knew that the euro area was not an optimal currency area and that a crisis-hit country would have great difficulty in recovering and be liable to drag the other countries down with it. Europe’s economies were not sufficiently integrated to be able to absorb any shocks caused by a Member State that, being deprived of the option of raising interest rates, now found itself with no way out. Rules were made and then, not for the first time, quickly broken. Consequently, I would like us to recognise this failure before we subsequently look for solutions to remedy our predicament. We find ourselves in a situation that we certainly did not wish to be in, but which we must now deal with. We must embrace our responsibilities, starting with this package on new economic governance."@en1
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