Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-06-12-Speech-2-092-000"
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"en.20120612.5.2-092-000"2
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"Mr President, it is not the business of the EU to give instructions to Member States on their budgets, even if the instructions were wise and the Member States foolish.
Democracy means rule by the people, and not wise rule by the people. Democracies have the right to be foolish. Some of the Member States might, indeed, have been foolish. However, that does not mean that austerity measures are the answer. Putting the populations of debtor countries out of employment will not help them to get out of debt. Advice for countries to be frugal should be addressed to them before they get into debt and not when they are heavily indebted.
Is the answer to borrow even more so they can engage in Keynesian expansionism? My advice would be that quantitative easing would be preferable to credit creation and borrowing. However, full payment should be delayed until any resulting production has emerged in goods and services, in order to avoid inflation.
But reversion to devalued domestic currency would itself produce export-led growth. That would generate government revenue and reduce debt."@en1
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