Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-02-09-Speech-2-219"

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"en.20100209.13.2-219"2
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"Mr President, the economic crisis has enabled us to appreciate the value of the euro and of economic coordination. It is now indisputable that the role played by the euro area and the European Central Bank in providing stability and a response to the credit crunch, along with the concerted action at European and international level, in which you played an important leading role, Mr Almunia, have made an essential contribution to preventing the most serious and even disastrous effects of the crisis. The crisis has caused a major decline in economic activity, huge job losses and a considerable deterioration in public finances. Although it appears that there are indications of a burgeoning recovery, the forecasts for this year show a drop in employment and an increase in public debt in the European Union. The crisis has also brought to light the diversity of situations and the differences that exist between the different Member States. Tensions have emerged, tensions which – let us not be naïve – are not always associated with economic principles or potential. We need to ensure that they do not cause us to forget our serious economic interdependency and our major commitments. The European Union is facing its greatest challenges since its formation. Someone described international recovery using the letters LUV: L for Europe, U for the United States and V for the emerging countries. Europe cannot be left behind. It is time for reforms, imagination and integration. The fundamental priority should be to increase the potential for growth of our economy."@en1
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