Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-22-Speech-1-049"
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"en.20101122.13.1-049"2
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"Madam President, as has been highlighted by our colleague Mr Gauzès, some people hate the euro; they see it as the root of all evil and they cheer at the prospect of the collapse of the eurozone. But these people are wrong and they live in the past. The current troubles are not caused by the euro; on the contrary, the euro protects us from even worse. We need the common currency but we also need proper governance of the eurozone; loose cooperation on the basis of unanimity is not an option anymore.
Colleagues, we are on a ship with a giant hole in its side; it is sink or swim at this moment. But national governments still seem to think that it is enough to set up task forces and working groups and talk about maybe seeking closer cooperation, and then again maybe not. The good news is that they seem to be acting more decisively and more quickly in the case of Ireland, because swift action is needed and very welcome. This is not just about rescuing single countries: it is about the credibility of the eurozone. It is about the world testing us.
Are we willing and able to act? The confidence of the world in the eurozone is essential for the stability of our currency; the money in our pockets depends on the confidence that others have in us. So I therefore urge national politicians to stop playing the populist card, or indeed publicly tearing up euro notes, and instead take ownership and take responsibility for our shared currency.
Finally, a word about the austerity measures. They are much criticised, and some people even say that they will damage the economy. Of course we have to act with caution, but these measures are necessary to sanitise public finance in the long term and are also a sign of solidarity between countries in the eurozone. I think we should talk not only about the expenditure side but also about the revenue side, because there too, reforms – whether of the labour market, pensions or social security – are necessary and long overdue."@en1
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