Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-12-14-Speech-3-081-000"
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"en.20111214.6.3-081-000"2
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"Madam President, I would like to express my strong opposition to subjecting surpluses to the imbalance procedure, let alone imposing sanctions as a result of them. The balance of payments is one of the 10 macro-economic indicators, and it would be perverse to penalise this and to treat it in the same way as deficits. Growth cannot be regulated by a planned economy as in the Soviet Union. Without the economically strong countries, the euro area would probably have collapsed a lot sooner. If the imbalances are too great – and I believe that is the case, too – then we must simply form a hard and a soft currency zone.
A currency must reflect the economic strength of the country. It will not work as a planned economy, however, but only with appropriately structured monetary zones. Austria, Germany, the Netherlands, Luxembourg and possibly France form one group, and the other national economies also have to be able to devalue their currencies accordingly."@en1
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