Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-04-18-Speech-3-409-250"
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"en.20120418.21.3-409-250"2
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"Excessive deficits in the euro area were grist to the mill for speculators who made substantial profits betting on the degradation of sovereign debts. This unbridled speculation created a climate of distrust, destabilised the whole continent and crippled investor confidence. While the markets now have Spain in their sights, it is imperative that we continue to strengthen public finances to restore a climate of confidence, crucial to the sustainable recovery of economic activity. Alongside efforts to improve public accounts, which are, I assure you, a prerequisite for building sustainable growth, we must enact reforms strong enough to boost the recovery. Therefore, I support the proposal to reduce income tax, by shifting taxation in part towards VAT, in order to boost employment and the competitiveness of our workforce. Such a measure will facilitate our exports and support our trade surplus. Finally, in my opinion, the European Central Bank should also participate in achieving growth objectives by lending directly to Member States rather than going through the intermediary of banks. This direct injection of new funding would grease the economic machine and support the real economy."@en1
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