Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-22-Speech-3-245-000"

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"It is important that the EU does not just respond to the crisis by eliminating the most acute problems, but that it also prepares more fundamental reform of economic governance. Many points in the submitted reports go in the right direction, but at the same time they have a number of deficiencies. The proposals talk about tougher sanctions, about fines for the non-fulfilment of recommendations and about these being applied automatically, in order to avoid succumbing to political horse-trading. This is all very well. I cannot rid myself of the feeling that the sanctions are tailored to those states that are currently in a difficult situation. They seem to be based on the idea that these states can deal with the difficult situation themselves, and that they are capable of improving their situation by themselves through a ‘disciplined’ approach. That is a mistake, however. Even before the crisis, a dynamic developed in Europe whereby the strong states of the eurozone cemented their competitive advantage. Thanks, among other things, to wage dumping in Germany, for example, the core countries strengthened their export position, and the peripheral countries became uncompetitive outlets for their products and capital. For these countries, the crisis was the last nail in the coffin. It is not possible to escape from this situation by willpower alone, or through one’s own decisions. The situation regarding macroeconomic imbalances, particularly in countries with the single currency, can be resolved only through a consensual reassessment of the current model of economic development. It is not just cuts and budgetary discipline that will bring a solution, but a policy of targeted development and support for the competitiveness of Europe’s periphery."@en1

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