Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-11-20-Speech-2-072-000"
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"en.20121120.3.2-072-000"2
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"Economic and Monetary Union (EMU) is a European big business plan, intended to reduce unit labour costs (the real objective behind price stability), greater liberalisation of capital movement and, consequently, greater mobility of multinational capital in search of better conditions for exploiting labour and controlling markets within the European area. The consequences of that are evident: a deterioration in living and working conditions; a fall in the wage share in national income; the destruction of manufacturing infrastructures and increased de-industrialisation in the peripheral countries – turning them into consumers of the excess produced by core countries. EMU is inevitably bound up with the increase in macroeconomic imbalances between the various countries in the euro area, indissociable from the indebtedness of the net importer States. The path proved to be unsustainable, but those who were reaping the benefit do not want to deviate from it. Therefore, in a veritable forging ahead, they wish to strengthen the instrument which served their interests so well. That is typical in the EU: each new step towards integration tries to legitimise the previous step and to justify the next one. The result is greater centralisation of political and economic power, new steps towards the development of a monopolistic capitalism on a European scale and more attacks on democracy and the sovereignty of peoples."@en1
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