Local view for "http://purl.org/linkedpolitics/eu/plenary/1999-12-02-Speech-4-022"
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"en.19991202.2.4-022"2
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"Mr President, the 1995 changeover plan has proved to be worthwhile. The rapporteur rightly emphasises the careful preparations leading up to the introduction of the euro, and we must ensure that the euro does indeed enjoy the confidence of the citizens and not just that of the markets, where it is now established. The first year of the euro’s introduction and life with monetary union is associated, then, with a lack of awareness of the euro on the part of the citizens, that is to say the consumers. It is not without reason that as yet, only 1% of transfers and 4% of credit card transactions are performed in euros. This would suggest that we really do need information campaigns. Not only did we need to have these campaigns in the years before monetary union started, we also need to pursue them now that it is in force, and this is not a task that we should just leave to the European Central Bank. We, too, in our capacity as European Commission, European Parliament, and governments of the Member States, must launch a new initiative in this respect, so that political discussions on the value of the euro do not cause the citizens to suddenly start thinking that, although they may inhabit a monetary union, this has lent no added value to Europe. Rather, they must be made aware of the fact that they are living in an age of new monetary reform.
This false assumption, which is still very much prevalent because the exchange rate between the euro, the dollar and the yen has, I regret to say, developed rather differently than appeared would be the case on 4 January, must not, however, lead to a situation in which erroneous ideas as to the value of the euro hold sway. The internal value of the currency is decisive and the fact that we can record values for the euro 11-zone that truly inspire confidence is of historic importance. It is a good thing that it is becoming clear, and is made transparent time and time again in the monetary dialogue between the European Parliament and the European Central Bank, how important price stability is for this independent, monetary authority; and it is a good thing that the ECB should see that this goal is accomplished in a manner accessible to ordinary citizens.
I believe it would be wrong to break out in a panic now, here in this Chamber, on account of exchange rate trends. I think the exchange rates are exhausted in any case. The important thing to do in these circumstances, though, is to support the development of the euro by having more coordination of economic policy within the European Union. Monetary policy will not be in a position to enhance the credibility of European integration for the benefit of growth, employment and also investment, if the Member States of the European Union do not, coincidentally with the harmonisation and centralisation of monetary policy, join forces more resolutely in giving out signals against tax dumping and social dumping, and in favour of increased employment."@en1
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