Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-10-23-Speech-2-103-000"
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"en.20121023.5.2-103-000"2
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"Mr President, it was announced in advance of the summit that no decisions would be taken; it was simply about setting the policy course. In my view, this policy course is merely a continuation of the wrong approach, the centralist approach, pursued to date, which has led the eurozone into a dead end. Instead of giving the bankrupt countries the opportunity to leave the eurozone if necessary, the discussions focused on a fiscal union, with Brussels in control of the national budgets.
More robust supervision of systemically important banks is undoubtedly to be welcomed. After all, uncontrolled speculation has created a situation in which bank after bank has had to be shored up with taxpayers’ money. Nonetheless, banking supervision, no matter how effective, cannot contribute substantially to ending the euro crisis; for that, what is needed is a comprehensive reform of monetary union. However, instead of applying the brakes at last, the eurozone is apparently to be further centralised, with talk of a single budget for the eurozone and, indeed, Eurobonds, which would amount to nothing less than the irreversible ‘communitisation’ of debt."@en1
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