Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-28-Speech-3-241-125"
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"en.20110928.19.3-241-125"2
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"If we wish to prevent an economic and financial crisis of the euro area, it is important to put in place effective budgetary monitoring. That is why I voted in favour of the Goulard report, which puts forward a series of sanctions for those Member States that depart from the Stability and Growth Pact. The Member States meeting in the Council will thus be able to penalise ‘bad pupils’ through recommendations or by requiring them to make a deposit, with or without interest, aimed at correcting their excessive deficit. If these measures prove insufficient, they will have to pay a fine. The interest on the deposits and the revenue from the fines will be allocated to the European Financial Stability Facility and then to the European Stability Mechanism, which is due to replace it in 2013. The European Parliament is involved with these budgetary monitoring measures in the context of the ‘economic dialogue’. In this way, the Member State affected by the sanctions will be able to have its say before Parliament over its budgetary situation. Finally, in the context of strengthening economic governance, the European Commission will draft a report on Eurobonds by the end of the year."@en1
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