Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-06-13-Speech-3-286-875"
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"en.20120613.24.3-286-875"2
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"This proposal for a regulation on the economic and budgetary surveillance of Member States experiencing or threatened with serious difficulties with respect to their financial stability in the euro area comes against the backdrop of the financial crisis and sovereign debt crisis currently being faced by the European Union, taking lessons from it and proposing possible means of solving it. The package of six legislative acts needs to be strengthened to ensure, simultaneously, financial stability and economic growth in the euro area. As such, the intention is for euro area Member States to be the subject of enhanced supervision when affected – or threatened – by severe financial disturbances, and for a legal protection scheme to be created to apply to any Member State at risk of being, in the near future, in an enduring state of default or suspension of payments. Excessive national debt can have dramatic consequences, both within the countries concerned and for the other Member States of the European Union. Preventative action at an early stage is preferable to corrective measures that intervene in the process late; perhaps too late."@en1
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