Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-07-03-Speech-2-098"
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"en.20010703.6.2-098"2
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"Mr President, like the 2000 Annual Report of the European Central Bank, Mrs Randzio-Plath's report makes the usual assertion that the euro will make a decisive contribution to ensuring price stability within the euro zone, by making it less vulnerable to external shocks. This is the out-dated ‘shield’ theory. However, it appears now that that theory is only true up to a point, in that it will eliminate currency fluctuations between Member States.
On the other hand, which is more serious, the euro no longer plays the role of a shield: it is now aggravating the crisis stemming from the economic slow-down in the US, since the euro is preventing each country from taking specific targeted action. In fact, Chancellor Schröder recently called upon the ECB to shoulder its responsibilities by supporting growth in Germany. He is wrong and he should realise that he is a victim of the rules of the monetary unification game. The ECB cannot make a drastic reduction in its interest rates in order to please Germany, because other countries are calling for opposite measures. And, incidentally, if rates were lowered, this could cause the value of the euro to fall even further, which would give a terrible impression when we are just about to embark upon the physical changeover of coins and notes.
It seems, therefore, Mr President, that the citizens of Europe might have to pay a very high price for wanting a single currency when we have different economies, especially since, according to the latest available statistics, it is this, even more than the euro itself, that seems to be contributing to causing greater divergences in terms of both inflation and growth."@en1
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