Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-22-Speech-3-181-000"

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"en.20110622.16.3-181-000"2
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"Mr President, Commissioner Rehn, ladies and gentlemen, when the euro was introduced it may not have been clear what the loss of monetary policy might involve for a Member State. Today we are seeing the dramatic consequences in Greece. The euro area was not and has not become an optimal currency zone. A country hit by the financial crisis finds it more difficult to recover and could well drag other Member States into the abyss. From Maastricht onwards, criteria have existed which are designed to prevent dangerous situations, and we have seen how miserably they have failed. In 1999 Greece did not meet any criteria, and only two years later it was already in the euro. Portugal, moreover, was the first country to receive warnings in 2002 about its deficit position. Even in the past, then, there were signs, but now all European citizens could end up paying the consequences. We are waiting to see, therefore, whether these new measures prove any more useful. They are probably the last chance before the definitive failure of European economic policy is declared."@en1
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