Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-06-Speech-3-361-250"
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"en.20110706.18.3-361-250"2
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"The European economic crisis has been under the microscope of academics and politicians and, although outwardly, people have tried to show a united front, it has been bubbling away under the surface the whole time. Recently, there have been more and more views on debt restructuring, which, just six months ago, was rejected as being completely out of the question. More and more, however, people have been inclined to think that such arrangements are inevitable. The debate has switched from a ‘yes’ or ‘no’ to whether, sooner or later, they will be the lesser of two evils.
The unsustainable political culture in the countries in crisis, as well as their incapacity for self-regulation, have resulted in irresponsible housekeeping and a chronic budget deficit. The corrective measures will be painful, and a fair share of the burden will fall on politicians. By ‘fair’, I mean that those who have benefited from the bubble over the last decade will suffer to the same degree when it bursts. A standard of living acquired through debt and deceit is not genuine, and it cannot become so at the expense of others.
When we speak of coherence and solidarity, it is worth bearing in mind that the EU Treaties explicitly state that the Member States are not liable for the debts of others. This report contains elements that threaten to conflict with these specific points. The promissory notes issued by the Union would represent joint and several liability, which would not only allow people to live above their means at EU level, but would also dilute political liability for indebtedness, so that it no longer becomes the immediate responsibility of the governments of the Member States and their citizens. I do not think that any increase in joint and several liability is something that we want, before an overwhelming majority of EU politicians understand that, in the longer term, no one can live beyond their means."@en1
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