Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-05-22-Speech-2-223-000"
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"en.20120522.15.2-223-000"2
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"While we spend our time discussing the denomination and technical specifications of euro coins for circulation, we ignore the elephant in the room which is the future of the euro area itself.
The euro area faces a choice. If the leaders of euro area countries want to keep all 17 countries in the euro area, then there have to be fiscal transfers from the richer countries to the poorest. In other words, Germany has to be prepared to cough up the funds to keep Greece within the euro area, in the same way that my own constituency of London subsidises the poorer regions of the UK remaining in the sterling currency union. Otherwise, the leaders have to prepare for the orderly departure of those Members States that are unable to stay in the euro area.
This does not mean the break up of the euro, but a smaller, more economically viable euro area. That means having an exit strategy for countries such as Greece and others on how to re-introduce their own currencies and coins for circulation."@en1
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