Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-07-07-Speech-3-214"

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"en.20100707.23.3-214"2
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"Thank you, Madam President. The financial stabilisation mechanisms being proposed, albeit belatedly, will nevertheless provide important relief for those countries that are undergoing financial difficulties. However, we should be aware that these are only temporary measures. The crisis was a catalyst that demonstrated that there were significant and deep-seated problems inherent in the economic policies of many Member States, especially euro area states, and also that coordination of these policies poses a considerable problem. Let us by all means discuss the idea of a European Currency Fund, but before establishing such a new institution, we must perfect the existing institutions by improving the way that they work. We should concentrate chiefly on consolidating the European Union budget and on cohesion. We should definitely avoid a situation in which a series of support mechanisms takes care of the economic stability and positive credit ratings of the euro area states while the remaining Member States, mine included, are abandoned to the instability of the international markets alone. Thank you."@en1
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