Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-12-01-Speech-4-285-500"
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"en.20111201.35.4-285-500"2
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"The average public deficit in the euro area rose from 0.7% of GDP in 2007 to 6% in 2010, while the average deficit-to-GDP ratio rose from an already excessive 66.2% to 85.1%. Without the strong single currency, the impact of the financial crisis would be considerably more dire, however – the deficit-to-GDP ratio for the United States is currently 101.1%, while the rate for Japan is as high as 212.1%. However, as has already been observed in various reports and long debates, the euro has not succeeded in establishing (self-dependent) governance of the single currency area and ensuring that budgetary discipline is maintained. In order to sustain the single currency, the rapporteur recommends building a clear framework that makes it possible to support Member States with liquidity problems. Furthermore, the rapporteur calls for the enhancement of fiscal integration through relevant transfers of sovereignty from the Member States to the EU, making this relinquishing of power out to be a middle way within which market discipline is to be combined with the imposition of budget policy constraints by the Member States. Finally, the rapporteur calls for the creation of a European Ministry of Finance and a European Treasury able to issue eurobonds in order to prevent the repeat of previous errors. Given that I failed to share all of the rapporteur’s views, I had to vote against this report."@en1
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