Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-24-Speech-3-038"
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"en.20101124.4.3-038"2
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"Mr President, for the past 25 years, too many Member States have been living with an economic growth model that is essentially based on debt – both public and private debt. The problem is that this debt primarily funded financial speculation and consumption rather than investment, at the very time when the rest of the world, such as China, Brazil and India, was beginning to invest. Perhaps history books will describe this as the moment when Europe really lost its way.
It does not have to be like this, however. Of course, we need strong European economic governance, but first we need to deal with the havoc caused by this debt. If we believe that we can resolve the problem by simply cutting back on public spending, then we are not facing up to reality. We will not overcome this crisis without restructuring and rescheduling the debt where it has exceeded sustainable levels and the debtors cannot realistically pay it back.
We need to be clear here. The debtors and the creditors are both responsible for the accumulation of debt. Indeed, the debtors borrowed beyond their means, but the creditors loaned irresponsibly in the hope of making substantial, risk-free profits, since the taxpayer would, of course, always be there to see them through.
Thus, the debtors and creditors alike will have to participate in these efforts, and if we do not ensure that this happens, we will condemn ourselves to a Japanese-type scenario, that is to say a slump in the European Union. I believe that the citizens of this continent deserve much better than that."@en1
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