Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-03-10-Speech-4-015-000"
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"en.20110310.3.4-015-000"2
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"Mr President, for the record, with the crisis and the bursting of the housing and credit bubbles, the Irish State has had to intervene to support the banks. The Irish public deficit, the accumulated budget balance of central and local administrations and, in particular, social security administrations, was estimated at 32% of gross domestic product (GDP) in 2010. If the Irish Government, which is finding it difficult to refinance itself on the markets, wishes to access loans from the European Financial Stability Mechanism and the European Financial Stability Fund, it will have to meet requirements for social and fiscal change, even though these areas come under subsidiarity. In our view, there is no contradiction here. As a doctor, I would say that, in the case of fever, there is no point prescribing antipyretics indiscriminately without seeking to treat the cause. As far as the allocation of these funds is concerned, this State should get its finances in order so as to correct its excessive deficit and past mistakes.
This austerity plan should improve GDP by 10% over the next four years. As with an individual, to whom a bank will make a personal loan conditional upon meeting the solvency condition without getting involved in their private lives and management, the European Union can lend to Ireland on the basis of consolidated solvency. Without interfering in their private lives, the bank will encourage an individual to negotiate, for example, an increase in salary, or to borrow elsewhere. Thus, by respecting subsidiarity, the European Union, on the basis of a Memorandum of Understanding drawn up with the International Monetary Fund (IMF), considers that this solvency requires the reduction of the legal minimum wage and an adjustment of pensions, with fiscal measures nonetheless in the mix. It is up to Ireland to choose whether or not to implement these measures. It does not leave the door wide open for the European Union to interfere in areas falling within subsidiarity, making it possible, for example, to impose a European minimum wage, which would be a dangerous thing to do, but rather ensures the protection of the stability of the euro area through a mutual guarantee process. Of course, it is necessary to help Ireland, like other countries in difficulty, which also protects us, but not at any price, especially that of seeing a State unable to pay off its loans, thus weakening its citizens and citizens throughout the European Union."@en1
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