Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-14-Speech-3-067-000"
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"en.20110914.3.3-067-000"2
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"The current unflattering situation in the peripheral countries of the eurozone forces us to consider what to do next. One of the preconditions of European integration was to establish a single internal market in the EU based on the principle of the four freedoms, which the single currency of the euro was also supposed to promote. Over time, however, the establishment of a currency union without an adequate fiscal and institutional framework has proven to be difficult. In my opinion, a comprehensive solution to the current crisis should cover the following three areas: the financial sector, fiscal policy and the competitiveness of the Economic and Monetary Union and the EU. It must first restore confidence in the EU’s financial sector, where key roles must be played on the one hand by the ECB (by providing liquidity to the banks and purchasing government bonds) and also the European Banking Authority, which is the banking regulator and which should, among other things, guarantee the credibility of EU bank stress testing. Secondly, the fiscal policy of EU countries should be strengthened by issuing eurobonds and by introducing a financial transaction tax (including a more active role for the European Parliament and national parliaments in this process). Thirdly, in the long term, the sustainable economic development and competitiveness of the EU will be important. Strict compliance with the Euro Plus Pact will be necessary, including an emphasis on efficient allocations from European funds after 2014, as well as compliance with conditionality requirements. Overall, I believe that the EU has the tools to resolve the situation, and that it will successfully overcome this crisis."@en1
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