Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-06-13-Speech-3-287-000"
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"en.20120613.24.3-287-000"2
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"Today in plenary, we adopted Mr Gauzès’s report on a plan to strengthen economic and budgetary surveillance of Member States experiencing or threatened with serious difficulties with respect to their financial stability in the euro area.
Mr Gauzès notes that the serious economic and social consequences being experienced today by certain Member States could have been avoided if early, targeted and preventive action could have been taken. At the time, however, the European Union did not have the necessary instruments, but this will now be put right with a combination of the package on European economic governance (the ‘six-pack’) and two new pieces of legislation (the ‘two-pack’), providing for a Member State whose currency is the euro to be subject to enhanced surveillance when it is experiencing – or at risk of experiencing – severe financial disturbance. It should be the Commission’s responsibility to take the necessary decisions, but the Council could repeal them by a simple majority vote within 10 days. The report also proposes the creation of a system of legal protection applicable to a Member State which is at risk of being in an enduring state of default or suspension of payments."@en1
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