Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-14-Speech-3-040-000"
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"en.20110914.3.3-040-000"2
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"Mr President, President-in-Office of the Council, President of the Commission, Minister, the current uncertainty over the EU’s response to the crisis is particularly harmful, firstly for the countries concerned, but also for the markets, on which the pressure is becoming unbearable and dangerous.
I would like to raise a purely technical issue in relation to this point. Since we recognise that a Member State may default, it is now crucial to define rules to govern this situation. When a business becomes insolvent, there are exceptional rules to protect it. However, there are no such rules for Member States, because it has long been accepted that Member States cannot default. Yet, the example of Greece clearly shows that constant pressure on a Member State prevents planned measures from being implemented effectively.
It follows that the European Union must decide, within the framework of the euro area, which rules shall prevail. Membership of the euro area creates an original and ambiguous situation for every Member State: it is no longer the one issuing its currency, but its financial policy is still out of sync with that of the other countries.
Clearly, the first imperative is the rapid completion of the economic policy coordination arrangements and of the European Stability Mechanism, but we also need to establish the rules that will apply in this area. In the case of countries under arrangements with the European Union or the International Monetary Fund, this would involve introducing provisions to freeze clauses concerning early repayment, forfeit of terms or credit events, which are today standing in the way of a genuine recovery. Introducing such provisions would ensure both transparency and credibility."@en1
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