Local view for "http://purl.org/linkedpolitics/eu/plenary/2014-03-12-Speech-3-728-000"
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"en.20140312.70.3-728-000"2
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"Madam President, the Troika was invented to cope with the stagnation of growth and jobs. It has imposed austerity packages which have included reducing wages. However, trade unions have long argued that wage depression becomes dangerous. One country’s domestic demand becomes another’s export potential. Squeezing wages also squeezes demand, so imports and exports both go down.
In such a closely-related trading block as the EU, that becomes a serious problem for all, as it sets in motion a downward spiral. A stable home market keeps production going and boosts exports to the rest of the world. The greatest hope, surely, is to allow those EU countries that need it to withdraw from the euro and to restart trading on a better basis. It will be hard going, but they will see the end coming into sight. Of course, to remain competitive, they will have to set their currency at a favourable rate for the export trade, and that is to devalue. In that case, wages will remain low. But what do people want: a low paid job or no job at all?
For those countries most badly hit, their economies are in the hands of the unelected Troika. Can we really accept that, in an EU which keeps on emphasising its democratic credentials, we have actually seen the duly-elected Prime Ministers of two Member States usurped by the placemen of the Troika? Unless the EU returns to proper democracy, we shall not see the end of this austerity."@en1
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