Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-12-Speech-3-091-000"

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"en.20111012.14.3-091-000"2
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"Mr President, economic policy should be in the hands of Member States but, even from an EU perspective, EU economic policy is seriously flawed. The doomed euro experiment must be abandoned and national currencies must be allowed to find levels appropriate to the demand for their exports and imports. Interest rates must once again be set by the 17 eurozone states according to the needs of their distinctive economies. The EU and its Member States must treat globalisation as the threat to the developed world that it really is. Manufacturing industry must be rebuilt and protected from unfair competition from emerging economies like China with its undervalued currency, suppressed wage rates and appalling working conditions. We should end the policy of subsidising banks in the vain hope that they might lend some of their ill-gotten gains. Reflation must be brought about by government spending into circulation and not by banks creating credit and lending it into circulation."@en1
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