Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-23-Speech-4-497-000"
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"en.20110623.37.4-497-000"2
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"The existence of large macroeconomic imbalances, including extensive and persistent differences in competitiveness trends, was looking very harmful for the EU at the moment when the crisis hit, and especially for the euro. The low cost of finance in the years running up to the crisis led to an incorrect distribution of resources. These were often assigned for less productive purposes, which in some Member States resulted in an unsustainable level of consumption, the creation of property bubbles and a build-up of both external and internal debt. It is therefore important to create a new structured approach in order to prevent an undesirable macroeconomic imbalance in all Member States and to correct it. The Europe 2020 strategy establishes an ambitious and comprehensive strategy for ensuring the intelligent, sustainable and inclusive growth of the EU economy. In the context of the crisis, this strategy designates new areas that must be focused on in addressing the weak sides of Europe within the framework for the surveillance of macro-financial and structural problems. It includes a challenge to draw up a specific political framework for the eurozone, with the aim of addressing the extensive macroeconomic imbalance, and in particular to take account within this of the deep economic and financial links within the eurozone and their impact on the single currency. For this reason, it is essential, in my opinion, to have a mechanism for monitoring macroeconomic imbalances and, if necessary, to ensure that adequate corrective measures are adopted for them. The key issue above all is the link between the preventive and corrective measures."@en1
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