Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-11-20-Speech-2-066-000"

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"Mr President, ‘economic and monetary union is not an end in itself’, says the report. Quite right: it is an instrument to achieve political union. The report claims that it will achieve sustainable growth and a high level of employment, but it admits that unemployment in the 27 has risen by 50% from 2008 to 2012. In those countries for which the euro is overvalued, mass unemployment and negative growth are directly attributable to euro area membership. If they were to leave the zone they would experience export-led growth and a fall in their unemployment. The euro-led recession in the South has not left the North unscathed. Its exports to the South have been reduced severely. More control and austerity measures will not reduce debt. They will reduce employment and profits, which will cut government revenue. This will lead to more debt rather than less debt."@en1
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