Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-28-Speech-3-294-500"
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"en.20110928.19.3-294-500"2
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"Everyone can remember the shockwave caused by the discovery of the massaging of the Greek debt. This accounting fraud unleashed an unprecedented crisis for the euro area.
One year after this was discovered, the Council and Parliament have learnt lessons from this failure by adopting a directive designed to harmonise our methods for monitoring public accounts. This directive will ensure that there is greater transparency and a clearer identification of national accounting systems, and that these will be subject to independent audits. What is more, national budget forecasts will be monitored and regularly compared with Eurostat budgetary forecasts and, in the event of significant disparities, Member States will be called upon to provide convincing explanations. Some lament the loss of sovereignty that follows from the adoption of this text, but on this score, the bankruptcy of Member States is likely to cause considerably more harm than the efforts that we have just made towards convergence and transparency. I welcome these efforts.
In my view, this is an unavoidable change: it was no longer possible for us continue to enjoy a single currency while managing the public purse irresponsibly. That would have worked to the detriment of monetary union and future generations. That is something I cannot accept."@en1
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