Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-12-01-Speech-4-277-125"
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"en.20111201.35.4-277-125"2
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"In the last few weeks, the risk premiums of Italy have reached historical limits on the financial markets. Although recent tensions may indicate the opposite, since 2008, the euro has been a success. Without the single currency, the global financial crisis would have been far worse for all European countries, and furthermore, Europe’s northern countries would not have recovered as quickly as they have done since 2009 through their exports-based model. The consensus today in the academic field is that without the euro, the single market and the free movement of people, which are the greatest successes of the EU, would have probably imploded. I believe, therefore, that the euro has not failed in its function in the face of a big economic and financial crisis, but rather that there has been a problem of economic governance in the euro area. Economic theory teaches us that the viability of a single currency is based on its capacity to minimise major macro-economic imbalances when they exist. It is precisely during these moments of rising tensions for the European project that our currency symbolises that the present failures in the euro area must be considered a valuable experience in order not to repeat the same mistakes."@en1
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