Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-04-20-Speech-2-344"
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"en.20100420.12.2-344"2
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"The crisis has demonstrated the need for establishing a crisis resolution framework for the euro area.
Due to the need to consider all economic, legal and institutional implications, this is an issue for the medium term rather than the immediate view.
The Heads of State or Government of the euro area gave a strong signal on 25 March by calling for the establishment of a task force to work on measures for the euro area framework for crisis resolution before the end of the year.
The public discussion regarding a European Monetary Fund has touched a number of elements that are relevant in this respect. In particular, the Commission agrees that there is a case for establishing a framework for emergency financial support under strict conditionality and subject to incentive-compatible interest rates.
However, no new body is needed to provide it or to define and monitor conditionality. Consistency with the stability-oriented governance framework of the EMU needs to be ensured. The Commission is considering the scope of proposals to this effect. More generally, a firm commitment to sound policies by all euro area Member States remains the cornerstone of the successful functioning of the EMU.
In this context, the Commission is in the process of preparing for the proposals on reinforced economic policy coordination and country surveillance building on the proposals presented in the recent Commission communication on Europe 2020 strategy."@en1
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