Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-10-20-Speech-3-057"

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"Mr President, as usual, there is both good and bad in our reality and in what we do. It is important to understand the past and the causes of the crisis, and I think the Union has done its homework on that, but today, the focus must be on the future. The global and European economic governance we build is for tomorrow, so it is not just a question of addressing this crisis. Europe does not exist in a vacuum. When fixing Europe, we are doing so against the backdrop of a world which is very different today from 2008. The G20 was united in favour of the fiscal rescue two years ago, but its unanimity was driven by fear. Today it is divided. The common global good does not exist. There are many forces at work in leading the global recovery and rebalancing the world economy. A major role is played by fundamental structural change, which strongly influences European competitiveness. However, the role of currencies and exchange rates as global adjustment mechanisms has skyrocketed. A new global monetary system is emerging at an unprecedented speed, and the number of players is increasing. To avoid the disaster of asymmetrical adjustments, we urgently need dialogue and collective action. If we achieve this, the question is whether Europe will be able to play its role in this collective action. What is clearly lacking for this is a bold, streamlining reform of the external representation of the euro area. By delaying this reform, we are foregoing potential influence. In the current global circumstances, Europe cannot afford to do that."@en1
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