Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-28-Speech-3-260-500"
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"en.20110928.19.3-260-500"2
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"We cannot enjoy a single currency on the one hand while managing the public purse in a non-coordinated fashion on the other. Current events show us that the lack of convergence and the imbalance between European public accounts are so many breaches into which are stepping the speculators who are looking to take advantage of the euro area’s difficulties.
Today, we are acting so that the financial markets are no longer given this opportunity. To this end, my political side had the boldness to enable the development of preventive and curative instruments that will strengthen the Stability and Growth Pact. Whereas until now the method for controlling deficits depended on the Member States’ goodwill, the Commission now has the possibility of recommending financial sanctions, ranging from a deposit to a fine, for countries that do not fulfil their obligations. By adopting these measures aimed at limiting public deficit, the Union is avoiding the devastating knee-jerk reaction of countries turning in on themselves and is showing its determination to come out of the crisis on top; above all we are reminded that sharing a single currency requires maximum solidarity but also shared responsibilities."@en1
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