Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-16-Speech-3-072-500"
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"en.20111116.5.3-072-500"2
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"Today we are debating long-term reforms in the area of EU economic governance, which will determine the principles on which the European economic governance and surveillance system will be based. The European economic governance mechanism adopted is the greatest body of law aimed at economic and financial regulation since the establishment of the Economic and Monetary Union. This package sets out economic priorities, regulates enhanced supervision of national fiscal policies, provides for measures for ensuring greater economic stability and eliminating the financial sector’s regulatory deficiencies. Mr President, you have expressed your support for the economic governance model chosen, which many fear will split Europe into a so-called two speed Europe. Although all countries will be able to participate in the mechanism and fulfil the criteria set out in it, only countries belonging to the euro area will have the right to make decisions. Those Member States which have already linked their currencies to the euro and have transferred their monetary policy to the European Central Bank, but for certain reasons have not yet introduced the euro (such as Lithuania), are directly affected by all aspects of decisions made in the euro area but are unable to influence them. I believe that we have to reconsider in detail the principles of the economic model chosen and ensure that those Member States whose exchange rate is pegged to the euro also have the right to make decisions in the European economic governance mechanism. Perhaps such a principle would be a greater incentive for non-euro area countries to firstly link their currencies to the euro and thus strengthen their aim of integrating into the euro area and at the same time participate in decision making."@en1
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