Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-11-20-Speech-2-043-000"
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"en.20121120.3.2-043-000"2
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"Mr President, as an economist I understand the intellectual arguments that for the euro area’s monetary union to work it also needs fiscal union and banking union, but the reality seems somewhat different to me. For fiscal union, you will not restore confidence in public sector finances without greater transparency on public sector debts. Eighteen months ago, Member States agreed to greater transparency but many countries, including big countries, are still not delivering.
Secondly, on banking union you will not get strong supervision without a strong rule book. The so-called ‘single rule book’ is not a level playing field – it has many exemptions for big Member States, it does not meet global standards and it does not end the dangerous feedback loop between sovereigns and banks.
Thirdly, monetary union, fiscal union, banking union does not equal the single market. This is not a new fact: it goes back to the Maastricht Treaty of 1992. If we want a single market of 27, then we cannot have a situation where those outside the euro area cede rule-making to the EU, whereas those within the euro area have exempted them and just have to comply or explain."@en1
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