Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-12-01-Speech-4-064-000"
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"en.20111201.3.4-064-000"2
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"Mr President, I want to welcome Mr Draghi. Yes, certainly we need more integration but our citizens will not accept it – simply will not accept it – unless there is more democratic accountability and more social solidarity, and that has to be borne in mind. To avoid a collapse into a recession that will rival the hungry 1930s, we need to save the euro. The ECB must become the lender of last resort; there is no other way, in my view, that this can be done.
When Ireland crashed, it had a budget surplus and a debt-to-GDP ratio of 25%; way below the 60% ceiling. Our problem arose because we nationalised private bank debt, which pushed our debt over 100% of GDP. Those debts were owed to French banks, to British banks, to German banks and indeed to a range of others. But we cannot survive, we cannot deal with that debt, without moving beyond the issue of fiscal consolidation and all of this language we have about fiscal discipline. We need growth in Europe, we need eurobonds, and I believe most of all we need a commitment to solidarity."@en1
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