Cite as https://mymun.com/ppdb/8106
Topic A: Proposals for debt restructuring programs for any indebted Eurogroup country
Acknowledging the duty of this committee to promote a closer coordination of our economic policies, the French republic finds it vital to look back on the debt restructuring programs, learn from the mistakes and change what has been proved flawed. Despite years of attempted austerity and economic reforms, the European Union still faced an extremely harsh crisis, which has been the main reason for the raise of populism and euroscepticsm.
The need of the European Financial Stability Facility in June 2010 was a powerful wake-up call. The demand of a stable mechanism that can properly face a challenge such as the European debt crisis was clear. That is why France believes that ESM’s role needs to be reinforced, and rethought, with the final aim of loosing part of its inflexibility.
As it happened when the Greek crisis took place in 2015, France will take the lead in this difficult times, we have faith on the potential of our countries to mediate and work together in order to find proper solutions.
As French President Francois Hollande said during the Greek crisis "We must be at the side of the Greeks, and ensure that the eurozone that we belong to must be protected,”. This predisposition should be guiding this committee...