Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-11-20-Speech-2-065-000"

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"en.20121120.3.2-065-000"2
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"Mr President, the crisis is inseparable from the strengthening of Economic and Monetary Union and of the single market, which had a profound impact in destroying the manufacturing infrastructure of countries with weaker economies, in exacerbating and creating production deficits leading to budget deficits, and in increasing public debt. That is, contrary to the propaganda about the euro and Economic and Monetary Union, these instruments not only failed to act as a shield against the crisis, as was said, and as a weapon for tackling capitalist globalisation, but also very clearly revealed their true nature – instruments for tackling growing global competition between capitalist monopolies. The destruction of the sovereignty and independence of countries has proved to be indissociable from the process of fusing economic and political power, which accentuated the divergences and exacerbated unequal development, affecting in particular countries with peripheral economies. This report aims to further centralise those powers, even advocating that the European supervisor should be able to wind down financial institutions, that is, to manage the process of monopolising financial capital as it sees fit. We do indeed need a worker-friendly currency instrument which favours economic growth and employment."@en1
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