Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-16-Speech-3-170-500"
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"en.20111116.18.3-170-500"2
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"The European Globalisation Adjustment Fund (EGF) was created in order to provide additional assistance to workers suffering from the consequences of major structural changes in world trade patterns. On 5 October 2011, the Commission adopted a new proposal for a decision on the mobilisation of the EGF in favour of Ireland in order to support the reintegration into the labour market of workers made redundant due to the global financial and economic crisis. I welcomed this document because this particular case relates to the sub-prime mortgage crisis in the United States in mid-2007. As a small export-oriented economy, Ireland suffered from the effects of the credit crunch on its major trading partners. The credit crunch severely affected the banks in Ireland, with further effects on mortgage loans and the construction sector. The Commission therefore proposes to mobilise an amount of EUR 12 689 838."@en1
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