Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-12-01-Speech-4-281-750"
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"en.20111201.35.4-281-750"2
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"The financial crisis is bringing the euro area close to break-up. Country after country, bail-out after bail-out, the debt crisis threatens to create a domino effect throughout Europe. The euro has not failed as an integration mechanism for strengthening the single market. However, something has clearly failed and that is unmistakably due to the lack of any real economic governance. What has been missing is internal discipline in the euro area, particularly regarding compliance with the Stability and Growth Pact, as, since 1999, there have been dozens of violations by many countries, and no penalties have never been levied. On account of all this, the euro area has become vulnerable to speculative attacks focused on the sovereign debt of the less efficient and competitive countries. We believe that the European Monetary Union has a duty to keep inflation under control and protect the purchasing power of the currency. In order to continue making the euro a viable project, it is necessary to build a clear framework that makes it possible to help countries with liquidity problems, but, at the same time, is able to incentivise fiscal responsibility and the sustained convergence of competitive levels between Member States."@en1
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