Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-05-16-Speech-2-206"
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"en.20000516.9.2-206"2
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"The introduction of the euro will increase economic integration and reinforce the positive effects of the single market, primarily by eliminating the risks relating to exchange rates. There are also other factors. There is greater transparency in prices, an improvement in competition and an increase in trade and investment both cross-border and also between other countries or areas affected by monetary union.
At the same time, as the common monetary policy will mean the same interest rate for all Member States of the monetary union, it will not only have an effect in terms of developing demand, but it will also mean greater integration of the financial markets. This should also bring benefits for savers and investors.
For this to have the greatest positive effect, it is essential that we carry out a policy of rationalised public finances, which will not generate tensions in monetary policy itself, and at the same time, a decisive policy of structural reforms and a competition policy, which will allow the maximum benefit to be drawn from the process.
In order for economic and monetary union to function successfully, we do not need a major budget which will allow cyclical transfers
in the event of difficulties. I believe that the Treaty, supplemented by the Stability and Growth Pact, provides adequate instruments to implement an economic policy which is compatible with a unified monetary policy.
The basic framework which we have introduced is a framework of mutual supervision of national fiscal policies and of coordination of economic policies by means of processes to improve our structural situations and the coordination or creation of a positive macroeconomic environment which will favour growth and employment, and at the same time reduce the possibility of asymmetric clashes caused by economic policies.
Budgetary consolidation itself, which is, of course, the reduction of the public deficit, gives each Member State room to act in adverse situations.
Greater labour mobility may certainly help to confront the problems which may arise in the event of
asymmetric clashes. Both an increase in the available work force and an improvement in productivity would improve the situation in terms of creating jobs and helping to reduce unemployment. That is why we attach particular importance to labour mobility.
The Commission has therefore insisted on its various strategies regarding the specific point of labour mobility, while remaining aware that this is a difficult issue. It is difficult within Member States and it is difficult between one Member State and another, due not only to historical and cultural incompatibilities in terms of education, but also to a series of other aspects related to this type of situation.
Finally, I would say that clearly these difficulties which are being considered – and which may arise in the future – will surely be much less serious than those which have been brought up in theory by people who study monetary union, given that – and this is our experience to date – we are seeing an approximation of the economic policies of the countries and we have created room, in monetary terms, for us to confront difficulties more easily than in the past."@en1
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