Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-09-20-Speech-3-045"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2000-09-20"^^xsd:date2
dcterms:Is Part Of	lp_eu:Measures to be taken following the fuel crisis and the rise in oil prices2
dcterms:Language	"fr"^^xsd:language2
lpv:document identification number	"en.20000920.4.3-045"2
lpv:hasSubsequent	lp_eu:2000-09-20-Speech-3-0462
lpv:speaker	lp:Robert Goebbels2
lpv:spokenAs	vice-chair; PES (1999-07-20--2004-07-19)3 member; Members from the European Parliament to the Joint Parliamentary Assembly of the Agreement between the African, Caribbean and Pacific States and the European Union (ACP-EU) (1999-09-14--2002-01-14)3 member; ECON (1999-07-21--2002-01-14)3 substitute; Committee on Industry, External Trade, Research and Energy (1999-07-22--2001-03-13)3 unknown; Parti ouvrier socialiste luxembourgeois (1999-07-20--2004-07-19)3
lpv:translated text	"Mr President, the explosion in the prices of oil products illustrates the need to make the euro into a genuinely international currency. The Americans, like ourselves, are suffering an explosion in farm gate prices. Since barrels of oil are paid for in dollars, the increase has a greater impact upon countries whose currencies have lost ground against the dollar. Among these currencies are the euro, the Danish krone, the British pound and a lot of other currencies. Mrs de Palacio has just emphasised that Europe is the world’s biggest oil importer. Given this status, it is not right that it should continue to pay for its imports in dollars. The Socialists are asking the Commission to encourage European oil importers to sign contracts in euros. An initiative of that kind has a chance of succeeding. Producers know that the dollar will be certain to lose value against the euro. For producers, contracts made out in euros could become an insurance against an inevitable economic downturn in the United States. A word about monetary policy. The ECB has recently justified keeping tight control of its key interest rates by referring to the inflationary pressure created by the increase in oil prices and in rates of exchange. According to the ECB, monetary policy cannot remedy this situation in the short term. Economic policy cannot offer a solution to the rise in oil prices either, and must, in addition, be subject to a rise in the cost of capital. The ECB says that imported inflation is also a form of inflation to be combated. I would conclude by saying that the price of oil will be brought down neither by increasing the cost of investments nor by reducing the purchasing power of the people of Europe. Rather than soothing inflationary fever, is not the ECB’s treatment in danger of damaging the health of the European economy?"@en1

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