Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-30-Speech-3-147-000"
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"en.20111130.16.3-147-000"2
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".
Mr President, unlike the United States, the euro area does not have external debt problems, but it does have two fundamental problems: insufficient growth and increasing internal imbalances, as the Commission itself identified on completion of its analysis of the euro’s first 10 years in operation.
Without political decisions reversing these imbalances and this lack of growth, they will grow unchecked: for example, without the euro, Germany’s trade surpluses could be reduced by revaluing the deutschemark; with the euro they remain. However, there is a price to pay. The deficits of many of the weaker economies, which would gain from a devaluation, also remain. The presence of this imbalance means that capital flows out of weaker economies, which indebt themselves at prohibitive rates of interest, whilst the stronger ones are offered capital almost for free. This unstoppable circle is very different from the description that we have heard until now of saints, on the one hand, and sinners, on the other.
The sole remedy of austerity only amplifies the recession and these problems. The Annual Growth Strategy that could, at the moment, be integrated with the European semester could be very useful for solving these problems, but in order to do so it will need to be shared with this House, under the codecision procedure, and adopted by the national parliaments. The European semester should incorporate the results of the analysis of macroeconomic imbalances and all other strategic documents: the Europe 2020 strategy, the European Employment Strategy and the Broad Economic Policy Guidelines. That is what the Bères report guarantees. Perhaps with this framework – I am finishing now – the recommendations of the Stability and Growth Pact will gain greater technical quality and effectiveness."@en1
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