Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-06-13-Speech-3-276-000"
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"en.20120613.24.3-276-000"2
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"The financial crisis that has hit the world over the last three years has seriously damaged economic growth and financial stability and provoked a strong deterioration in the government deficit and debt position of the Member States. The serious economic and social consequences which are currently being experienced by many countries could have been avoided in the past by the adoption of effective measures. However, at that time, the European Union did not have the necessary instruments. This situation must be put right with a combination of six pieces of legislation from 2011 – the package on European economic governance – as well as two new pieces of legislation, the so-called ‘two-pack’. We need to strengthen the original legislation. I believe that preventive action is, in any case, preferable to taking corrective measures. A Member State with significant financial problems should be subject to enhanced surveillance, even if such problems are still only a threat. Surveillance must be commensurate to difficulties already encountered or impending and should take due account of the financial assistance received. We should ensure a smooth return to a normal situation for a country that is experiencing or threatened with severe financial disturbance. The consequences of excessive national debt can be frightening. I firmly believe it is important to be able to prevent a Member State with financial difficulties from transferring its problems to the rest of the euro area. To ensure financial stability and economic growth, the ‘six-pack’ should be amended accordingly."@en1
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