Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-06-Speech-3-108-000"
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"en.20110706.3.3-108-000"2
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"Mr President, first of all, I should like to thank Mr Klinz and other fellow Members for their work in the committee. The compromise reached by the report can be briefly summed up as follows: the cure for us all is more Europe. Is this really a cure, however? If we think that a larger European Union budget and smaller national budgets, a unified immigration policy or European taxes will be this ‘medicine’, then we are mistaken. Take the example of the three euro area countries that had to be bailed out, where the whole burden of these three countries is placed on the shoulders of these countries’ citizens and governments, while leaving the interests of European Union lender nations’ commercial banks, pension funds and insurance companies completely untouched, even though they, too, ought to bear a proportion of the losses from these investments. How will it all end in these three countries? It will end as it did in Latvia, because at the time when Latvia had the largest fall in gross domestic product (GDP), the nation that lent the most for investment in Latvia recorded the largest GDP growth in the European Union. Let us learn from this experience."@en1
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