Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-05-19-Speech-3-376"

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"Thank you, Mr President. I have a dog at home. Recently, my dog took a sausage from the table and ate it. The question is — who is to blame for the fact that the dog ate the sausage? Is the dog to blame, for doing what is natural to it? Or rather, am I to blame for not clearing away the sausage and putting it back in the refrigerator after I had finished my meal? On the global financial markets, the value of the euro keeps falling every day. Who is to blame for this? Many fellow Members say that the speculators are to blame, that the market is to blame, for attacking the euro and depreciating its value. Ladies and gentlemen, I offer you the suggestion that, perhaps, the market is not to blame. Rather, it is the market that has pinpointed the underlying fault, the underlying cause. The underlying cause for our difficulties today is quite simple — European countries have been living beyond their means far too long, spending vastly more than they are able to earn. The markets react to this in the same way that my dog reacted to the smell of the sausage that I had left on the table. A year and a half ago, Latvia experienced a crisis similar to the crisis that we are now experiencing in the rest of Europe; namely, the financial markets attacked our currency and had lost all confidence in it. Instead of complaining about this situation, we corrected our fundamental indicators, we repaired and collected our public finances. In my view, if we wish the Europe 2020 strategy to be meaningful, we must have as our first and most important priority the necessity for European countries to control their public spending, for their income to match their outgoings. This would restore confidence, ease the crisis and restore calm to the financial markets. Thank you."@en1
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