Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-07-05-Speech-3-037"
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"en.20000705.2.3-037"2
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"Mr President, Mr President of the Central Bank, Commissioner, ladies and gentlemen, I cannot resist the temptation of replying to Astrid Lulling. Independence, yes, but independence in relation to what? If you think that the reduction in working hours might explain the fall in the euro, then that is your business, but it seems to be the result of ideological prejudice rather than objective observation of the state of the French economy.
Mr President of the European Central Bank, as you know, the recent 50-point increase in the base rate which you introduced, following hard on the heels of the increase at the end of April, has incited widespread debate in numerous Member States in which growth has resumed; it is feared that this increase in the base rate will upset this trend, which is essential if we want to resolve the problems facing our fellow citizens.
However, we are delighted at the prospect of a revision in the reference value which allows growth in the money supply to be evaluated. This revision would appear to be overdue. As for the deterioration in the exchange rate between the euro and the dollar, not everyone sees it as a drawback, but many wonder as to the causes. Allow me to share my conviction with you. The lack of any real coordination between our economic policies is the main cause. If we want to rectify this situation, we need greater coordination between our economic policies and we will not achieve it unless we strengthen euro 11, or rather euro 12. It is within this framework that you will manage to strengthen the mutual confidence between governments which is needed if progress is to be made in this direction. I hope that the French presidency will succeed in pushing this issue forward. I also hope that the Central Bank will help it to do so in a positive spirit.
Progress has been made as regards transparency and we are delighted about that. You know that this Parliament imagines that we can go further still. And then, Mr President, allow me to question you on one final point. You have called on the trade unions for wage restraint, as is your right. But should you not also question the inflationary trends triggered by the huge profits made on the share markets? We think that there is also a global vision of the economy which you would do well to take into account.
Finally, as far as Mr Radwan's report is concerned, I cannot concur with the idea that speeding up structural reforms would bring about a fall in the euro when it comes to reducing working time. Once again, the figures speak for themselves: as a result of the reduction in working hours, there has been an increase in growth and jobs in the French economy."@en1
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