Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-12-14-Speech-3-082-000"

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"en.20111214.6.3-082-000"2
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"Madam President, I can only hope that the unsustainable nature of the path chosen has become as evident as it is ultimately self-defeating for the whole Union. Stuck with the same currency with no possibility for competitive devaluation, peripheral countries found themselves confined to wage deflation and to growth trends fed by financial credit from the centre, where competitiveness owes a lot to cheap wages as well. Our problems have no easy solutions, but we at the edge of the eurozone have sustained severe economic pain, only to be promised more of it by the recent political developments such as the ‘six-pack’ tightening of the Stability and Growth Pact. Where is the solidarity side of that grand bargain? Is it just more loans at rates barely below those demanded by extortionate, speculative market players? We need reform that works both ways and serves all of our citizens."@en1
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