Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-22-Speech-3-192-000"

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"Mr President, ladies and gentlemen, for a long time we believed that the internal market and the introduction of a common currency would automatically result in economic convergence and convergence of the Member States, and that the Maastricht criteria were sufficient to ensure discipline. Reality has now caught up with us. The management instruments have proved to be inadequate and in the past they have been grossly transgressed. A single currency and a single monetary policy are not feasible in the long term unless the rules have teeth in the area of fiscal, budgetary, economic and social policy. The EU is now trying a new approach. To speak metaphorically, it has one last shot. If this last shot fails to hit the target, the damage could be severe. The EU could find itself in a regressive phase, we could see the return of renationalisation and protectionism, and the first signs of disintegration in the euro area. The new package attempts to prevent this and to lay a new foundation. I am in favour of this package, even though I consider it rather half-hearted in view of the problems that I have just outlined. There is a risk that the European semester will turn out to be a centralist, bureaucratic exercise. The pact for the euro may possibly be toothless. What we need are binding recommendations from the Commission. What we need are automatic initiatives and sanctions which the Council can only stop by means of reversed qualified majority voting. This is undoubtedly necessary if the disgraceful, opaque wrangles by Council members in back rooms are finally to be brought to an end. What we urgently need is a clear resolution mechanism for the financial sector so that it can work again."@en1

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