Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-14-Speech-3-063-000"
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"en.20110914.3.3-063-000"2
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".
Most of the states in the euro area were not in difficulty prior to the financial crisis as they had falling public debts and deficits. On the other hand, the euro area’s public debt to GDP ratio is still far lower than that of the United States or Japan.
The European Union is not suffering so much a problem with public debt but more a lack of fiscal and political integration. This crisis needs a European solution and joint economic governance based on the Community and not the intergovernmental method, which is lacking in terms of democracy and decision-making.
From this point of view, I welcome the fact that the European executive is drafting a proposal for a single public debt market, which will facilitate debt financing and ensure euro liquidity. At the same time, proposals are still required on fiscal harmonisation, European economic governance, economic growth and job creation.
There can be no disputing the euro’s global importance. The United States has recently requested a show of European unity, and the Union must rise to meet expectations."@en1
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