Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-12-12-Speech-1-209-000"
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"en.20111212.18.1-209-000"2
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"Mr President, the debt crisis is a crisis of confidence. Investors on financial markets are afraid to lend more money to governments that increase expenditure in an irresponsible way. Failure to implement reforms has increased public sector debt. As EU Member States’ economies are interlinked, it is necessary to find the correct balance between the responsibility of states for running their affairs and solidarity, when some Member States are threatened with economic and social breakdown. The massive intervention of the European Central Bank must not, however, become a standard measure to be used by states every time they get into trouble through bad economic policies. That would have catastrophic consequences not only for Europe, but for the whole world. We must make use of the existing legal framework based on the Lisbon Treaty. Opting for a new convention and a series of negotiations requires far more time than Europe now has available."@en1
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