Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-10-03-Speech-3-199"
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"en.20011003.6.3-199"2
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"Mr President, in the spring, the Council took a clear stance in favour of the Stability and Growth Pact. Around the summer recess, a few finance ministers considered it necessary to express as their own personal opinion the fact that more scope was required in the Pact as a result of a declining economy. This was apparently not an official government view because the requirements were not repeated on the platforms eminently placed to deal with this, including the ECOFIN Council. Quite the reverse, in fact. On those occasions, warm words were spoken about the Pact. Despite these fine words, President Duisenberg considered the talk of relaxing the rules very worrying. Commissioner Solbes Mira even addressed Italy, France, Germany and Portugal in a stern manner and urged them to translate the agreements into action. And he is right.
It is not acceptable for governments repeatedly to adopt a high tone and demand reductions in the interest rate from the Central Bank when they have failed to do their own homework. If all Member States, when economic growth allowed for this, had taken the required structural measures, the Central Bank would now be able to be more flexible in its interest policy. After all, there is a direct link between the budgetary policy and the interest policy in the policy mix.
Various MEPs have spoken about 11 September and Mr Herzog even went so far as to claim that the euro does not protect us against financial crises. I think he is very much mistaken. After 11 September, the Central Bank took action in an admirable manner and has most definitely shielded us from a financial cash crisis.
Some time ago, Ireland was severely punished when it gave another stimulus to an almost overheated economy, contributing further to high inflation. As far as I am concerned, Ireland might serve as an example, but we should also be courageous, and level criticism at large countries. We should especially target those countries that fully deserve the criticism. And let us be aware of the fact that the financial markets are closely monitoring the way in which the Member States are currently handling their government budgets in a declining economy. The current situation is a test of how sound the euro construction really is."@en1
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