Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-25-Speech-2-033-000"
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"en.20111025.5.2-033-000"2
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".
Madam President, we already have two responses to the question about how we should prevent poor management of public finances and macro-economic imbalances. The financial market has given an extremely robust response in that it has dispelled the illusion that Member States in the euro area were borrowing at relatively equal interest rates. Each Member State is now judged according to its own financial situation and pays interest commensurate with this situation. The second response is given by the new economic governance regulations in the European Union. As part of these new regulations, the European Semester is the main instrument for providing a structured analysis of each Member State’s economic situation.
This is why we are responsible for ensuring that this Semester is as effective as possible, and we insist very firmly on the responsibility which the Council has for explaining publicly, with sound arguments, the reasons for rejecting some recommendations made by the European Commission."@en1
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