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 Full text 
Wednesday, 14 September 2011 - Strasbourg OJ edition

Economic crisis and the euro (debate)

  Iliana Ivanova (PPE), in writing. – (BG) The European Union debt crisis is the result not only of poor fiscal discipline and irresponsible spending by some Member States, but also of a lack of suitable instruments at European level capable of providing effective control and a prompt remedy to the existing imbalances.

At present, the EU needs to take decisive action and speak with one voice when taking the measures required to find a way out of the difficult financial situation for some Member States. A holistic approach is required which will include both a national and European action plan. Countries with excessive public debt must carry out major structural reforms, take the necessary steps to balance their budgets and streamline the operation of their public administration system.

This must be accompanied at European level by the creation of effective instruments for monitoring and controlling public finances. The countries outside the euro area must be included on an equal footing with the countries in the euro area when new fiscal regulations are being considered. This is the only way that we can be sure that all Member States are heading in the one direction and that we will avoid a two-speed Europe.

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