Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-02-09-Speech-2-207"
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"en.20100209.13.2-207"2
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"Madam President, Mr López Garrido, Commissioners, this debate is important, not only because the euro is under attack, but also because on Thursday, we will have the first summit under the leadership of President Van Rompuy.
I note that, today, Europeans are standing firm and are convinced that we cannot allow the IMF to intervene in Greece. I welcome this, because it would mean closing the door on everything that we have been requesting for so many years, namely economic governance of the euro area.
When we call for economic governance of the euro area, it means that, faced with the volatility of the markets, we need to equip ourselves with the means to react and to keep pace with the markets. Clearly, today, we are failing on that score.
What I also see is that the situation within our European apparatus today is such that if you are outside the euro area, you can be ‘helped’, whereas if you are inside it, things are much more complicated. I never imagined the euro area becoming a zone in which there is no solidarity. The very operation of the euro area is based on the concept of solidarity.
None of the member countries of the zone, no matter what its export strategy, no matter what its deficit level, no matter what its public debt level, has a chance of emerging from the crisis if one of the links is attacked.
Yet what are we seeing today? A mechanism that works in such a way that the financial markets pit the different parties against one another, test our capacity for solidarity and test our ability to keep the very concept of the euro area alive. For the euro area concept is the idea that, if we want to give ourselves room for manoeuvre, to look beyond speculation as the only mechanism available, then we have to develop our own strategy.
However, this ability to basically become somewhat immune to the way in which the foreign exchange markets were operating prior to the adoption of the euro, with the sovereign debt rating mechanisms, has been reintroduced within the euro area itself.
This is what we must focus our attention on. This goes far beyond the proposals that are today on the table, and it is incumbent on President Van Rompuy to embark, next Thursday, on those projects, which are very important."@en1
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