Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-30-Speech-3-090-000"
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"en.20111130.14.3-090-000"2
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"The crisis in the euro area, including its expression in terms of sovereign debt, has some causes that are structural and others relating to this specific situation. The first group of causes relate to the expression that the unequal development of the capitalism characteristic of the EU is taking on: asymmetrical interdependence, which relegates the outlying countries and weaker economies to a subordinate and unfavourable position in the process of international division of labour. In this process, the links between the countries’ systems of production are broken, leading to increased external dependence, to the various deficits and to external debt. The second group relate to the conditions created by financial speculators: as other speculative bubbles have either dried up or burst, these have focused on sovereign debt. Free movement of capital, tax havens, derivatives and related speculative practices, lack of taxation of financial transactions, and the role given to the credit rating agencies; all of this creates a framework that makes it possible to speculate on sovereign debt.
Summit after summit, debate after debate, these causes remain untouched. That is the fundamental issue that has been ducked in this debate, both by the Commission and by the majority in this House; worse still, what they are doing is taking steps to entrench some of these causes."@en1
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