Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-25-Speech-2-030-000"
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"en.20111025.5.2-030-000"2
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"Madam President, crises are calamities to ordinary people, but to the EU, they are opportunities for extending the power and competence of EU institutions and for encouraging key EU projects, like fiscal and political union. Harmonisation for its own sake borders on obsessive behaviour. Economic policy should not be about congruence or symmetry: it should be about the particular needs of very different economies.
Large budget deficits, other things being equal, should be avoided, but there are circumstances in which they might be necessary. Quantitative easing might be necessary as a reflationary measure – something which, of course, is not possible unilaterally within the eurozone.
It might be argued that the mechanisms are simply providing a necessary external discipline, forcing Member States into good, rather than bad, economic habits. However, we need to look several steps ahead. How long will it be before the Commission decides the budgets of every Member State, with the Member States themselves having only a consultative role?"@en1
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