Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-01-18-Speech-3-143-500"
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"en.20120118.19.3-143-500"2
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"We all agree that urgent and bold measures need to be taken to tackle the economic and sovereign debt crisis largely caused by the euro area’s structural weaknesses. What is actually needed is sound governance of the euro area and a greater degree of budgetary discipline at Member State level. However, I am not aware whether, in its current form, the intergovernmental agreement addresses this essential requirement. I have some reservations regarding this new treaty which risks duplicating regulations and creating a split between the euro area and the remaining Member States without actually being needed at all. The structural deficit criterion of 0.5% of GDP can be included very well in the Stability and Growth Pact which is directly applicable in Member States. On the other hand, to ensure the democratic legitimacy of the decisions implementing the agreement’s provisions, the ideal solution would be for them to be adopted using the Community method, thereby remaining consistent with existing European law. Last but not least, I think that the provisions concerning fiscal union are vague at the moment and that too much emphasis is placed on austerity without offsetting this with some measures aimed at stimulating economic recovery and returning to economic growth, which is needed so much in order to defuse social tensions."@en1
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