Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-12-01-Speech-4-068-000"
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"en.20111201.3.4-068-000"2
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"Without the euro, the global financial crisis would be much worse for all European countries.
The examples of this are as follows:
The historically strong pound has steadily lost value since 2008, leading to higher prices. Without the euro, the countries of Northern Europe would not have returned to growth so quickly. If the German mark had existed, it would have been so strong in relation to global currencies that German growth would have been damaged. Without the euro, the European countries that followed less sensible fiscal policies, and focused less on improving competitiveness, would have had to employ the sort of economic crisis measures adopted in Argentina in 2001. Their moral and economic collapse would have had terrible consequences.
There was a failure in one area: management of the euro area.
The architects of the euro constructed the currency union, and they realised that a single currency might cause instability in countries with widely differing economic and manufacturing structures. These architects perhaps thought that steps would be taken towards greater political union when such steps were really needed. That time finally came today, with the euro area fully exposed to the effects of the debt crisis.
We must create a system which allows better control over euro area Member State budgetary policies that are not working."@en1
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