Local view for "http://purl.org/linkedpolitics/eu/plenary/2014-09-17-Speech-3-046-000"

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"Mr President, the euro may not have collapsed, but it certainly has failed. The basic test of any economic policy is whether it produces employment, growth and prosperity, and the euro has failed on all counts. For example, the economy of Italy – a country famous for the flair of its people in design, cuisine, fashion, automotive industry and much else besides – is barely any bigger now than it was when the euro was born. It has been not just a lost decade, but already a lost decade and a half. We know, and you know, Mr Katainen, why this is happening. The economies of southern Europe are on a lower long-term productivity path than is Germany. In order to protect economic activity levels, they need to have their own currencies to gently depreciate against Germany over time. They need to be able to set their own interest rates too. Either that, or they will need large and permanent transfer payments. However, you do not have the social solidarity across the eurozone to make that tenable. These countries need economic self-determination. You have locked them into deflation. Shame on you!"@en1

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