Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-11-20-Speech-2-429-000"
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"en.20121120.28.2-429-000"2
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"While my country Britain was absolutely correct not to join the euro area, we also want the current mess sorted out since many British companies need thriving EU markets. There are two choices. Either go for full fiscal and political union or allow the euro area to shrink by letting the weaker Member States leave. Letting Greece leave the euro area is still too big a psychological blow for the political elites who see the euro as an essential building block towards the European Project of a federal republic of Europe. That’s why euro area leaders are continuing to forge an ‘ever closer union’. Having transformed their economy by going through painful economic reform, my German friends tell me they resent subsidising what they see as the less productive countries but a sustainable monetary union requires fiscal transfers from taxpayers in richer countries to governments in less productive countries. The solution may come from the ECB printing money which debases the euro but allows banks to buy sovereign debt and when they go bust doing so, they will be bailed out by the ESM. Who funds the ESM? Germany, the Netherlands and Finland and ‘Hey Presto’ we have fiscal transfers by the back door!"@en1
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