Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-11-20-Speech-2-428-500"
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"en.20121120.28.2-428-500"2
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Given the current economic, financial and banking crisis, which has led to increased public and private debt at the national level and difficulties in public financing in quite a number of Member States, it is essential to restore confidence in the Economic and Monetary Union (EMU) project. We must therefore bear in mind that job creation, encouraging business investment and improving the conditions of financial institutions, so that they may once again be able to provide credit to the real economy, will be decisive elements in the development of the euro area and the EU a whole. The single currency cannot, in any way, be seen as a sign of division. It should therefore be closely-knit and capable. The single currency must be stabilised and to do so will require the Member States to transfer competencies in budgetary policy development to the Union level. It is essential to stop the precariousness of the banking sector and meet the commitments of the Member States, within the European Semester, especially those related to the Euro Plus Pact, the Stability and Growth Pact and the Europe 2020 strategy. I therefore call for greater democratic legitimacy of the EMU so that it can overcome the difficulties of a socially and economically fragile Europe."@en1
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