Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-03-25-Speech-4-072"
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"en.20100325.3.4-072"2
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"There are lessons to be learnt from the current eurozone crisis. The economic crisis is also responsible for the eurozone difficulties, but I believe there are also structural weaknesses of EMU that we should address in order to avoid future crises. For the ECB to be able to take efficient action supporting employment and growth, we have to provide it with the necessary tools. The ECB does not have the same tools as the Fed, which is why it could not have an active monetary policy supporting growth. The ECB is bound by its main objective of ensuring price stability, which prevents it from efficiently stimulating growth. I also believe that we need greater coordination of economic and fiscal policies, so that we avoid unfortunate situations like the Greek one. Better coordination would enhance euro area stability. The SGP needs to be respected strictly, but I think it should be revised. The preventive arm should be strengthened. The punitive arm is not an efficient one since paying fees only increases budgetary deficits and prevents compliance with the rules. On the other hand, sanctions should not be decided by the Council, because Member States will always be reluctant to punish each other."@en1
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