Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-05-17-Speech-3-021"
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"en.20000517.2.3-021"2
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"Mr President, ladies and gentlemen, having scarcely emerged from the dull 80s, Europe has been plunged into the throes of international speculation. We were promised a euro-cum-mark that would be stronger than the dollar, and which would compensate for the weakness of economic growth by means of the on-going revaluation of assets. We have an ersatz currency whose volatility is enhanced by its non-identifiable character.
Formerly, speculation on the exchange market involved the pound. Now it is the euro. This is nothing particularly surprising for us Members of the European Parliament who are accustomed to seeing Europe operating on a daily basis amid differences and antagonisms. What will the situation be like after enlargement, when the markets will react to any event affecting any one of the thirty odd countries which make up the European technostructure? It would almost be like the United Nations issuing a currency.
This reduction in the value of the euro is not something that Mr Duisenberg can do anything about, as this European Central Bank, whatever they say, is the brainchild of the two main States in the euro zone, and the French and German Governments have given the order to do nothing. In order to maintain the value of the euro in relation to the dollar, we should have to raise euro interest rates to a level which is slightly higher than that of the dollar, perhaps to a level in the order of 50 base points. From my standpoint as a post-Keynesian, I see this as having little impact on economic growth, since this depends on various other factors, the most important of which are psychological.
Obviously, we cannot agree to all assets located in France being devalued if the downward slide of the euro continues beyond the short term. If this should happen, and obviously we hope it does not, then we should have to point the finger at the parties responsible, and this would not mean Mr Duisenberg. We shall judge the candidates in the French presidential elections according to the efforts they have made to get us out of this bind."@en1
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