Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-06-13-Speech-3-179-000"
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"en.20120613.24.3-179-000"2
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"Madam President, when you look at the make-up of the eurozone, what we have is an economic project that was actually doomed to failure from the start – a bankruptcy machine, as some have called it. You have 17 countries, one currency, one set of interest rates, but 17 different spending decisions.
If you look at the lessons from successful currency unions, what keeps them together? You have fiscal transfers from the richer parts of the currency union to the poorer parts of the currency union. Therefore, we have a choice. We can keep the eurozone together in its current form, but then you have to have the transfers from the richer countries, Germany and the Netherlands, to the poorer countries. But what will the voters in those countries say? They will ask why they should pay for the less disciplined countries.
The other choice is to allow those countries that cannot economically viably stay in the eurozone to leave in an orderly fashion. The eurozone then does not break up altogether and you have a smaller, more viable eurozone. Failing to choose either course could lead to a disorderly break-up. Actually, it is a course that could be avoided if politicians were to act responsibly."@en1
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