Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-05-16-Speech-4-092"
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"en.20020516.4.4-092"2
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".
The 2002 broad economic guidelines are less attractive than the Commission suggests. In several Member States, including France, we are seeing a renewed threat of inflation; this may cause the European Central Bank to raise interest rates, which would have adverse consequences for growth. And growth remains weak, because the recovery is a long time coming in Europe, while it has already arrived in the United States.
On both of these aspects the euro has had a mixed or unfavourable impact: the changeover of notes and coins does indeed seem to have caused an upsurge in prices – let us hope that it is only a temporary one – and as for growth, we are still waiting for the 'doping effect' which monetary union, according to its champions, was supposed to unleash.
In this unfavourable climate, France is caught in the trap of the budgetary heritage left by the Socialists. The Commission's warnings to the new Raffarin government, seeking to reduce its margin for manoeuvre still further, ought to demonstrate to all French people that the uniform straitjacket of the Stability Pact may, in some cases, be contrary to the national interest. We are facing the disastrous, but logical, consequences of the agreements that we signed in Maastricht and thereafter."@en1
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