Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-07-02-Speech-2-133"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2002-07-02"^^xsd:date2
dcterms:Is Part Of	lp_eu:European Central Bank (annual report 2001)2
dcterms:Language	"fr"^^xsd:language2
lpv:document identification number	"en.20020702.6.2-133"2
lpv:hasSubsequent	lp_eu:2002-07-02-Speech-2-1342
lpv:speaker	lp:Georges Berthu2
lpv:spokenAs	substitute; Delegation to the European Economic Area Joint Parliamentary Committee (EEA) (2002-02-07--2004-07-19)3 substitute; ECON (2002-01-17--2004-07-19)3 member; NA (2001-01-31--2004-07-19)3 unknown; Mouvement pour la France (2000-11-23--2004-07-19)3 member; AFCO (2002-01-17--2004-07-19)3 member; Delegation for relations with Canada (2002-02-07--2004-07-19)3
lpv:translated text	"Mr President, one would hardly guess, from reading the 2001 annual report of the European Central Bank, which comes across as balanced, technical and calm, that both 2001 and 2000 were disastrous for the euro on the foreign exchange markets. A simple graph on page 59 shows, however, the drop in the value of the European currency, which is much more significant than all the fluctuations in the participating national currencies since 1994. Similarly, the graph on page 65 on net financial fluctuations in the eurozone in 2000 and 2001 shows considerable jumps which illustrate the lack of investor interest in either the euro zone, our currency, or both. Someone will no doubt tell me, however, that the European Central Bank’s report was right not to emphasise these slightly less positive aspects since the euro is now faring better, and that we have come through the difficult patch. This is a claim that we must verify. For the time being, what we are seeing is not investor enthusiasm for the euro, but rather investors adopting a cooler approach to the dollar, related to the bursting of the technological bubble, financial scandals and, above all, we must not forget, the significant difference in interest rates which does not work in favour of the US currency. For the time being, therefore, the dollar’s troubles are working to the euro’s advantage, but we must continue to be cautious because the underlying problems of the European currency are still unresolved. First of all, growth in Europe remains weak, and the introduction of the euro has not stimulated it, in spite of the promises that were made. And, more importantly, there is still a huge question mark for the future, namely that of the problematic coexistence of a single currency and a disparate economic and social zone, whose sub-sections might diverge. In order to remedy this problem, some people are contemplating a more or less forced integration. In our view, Mr President, we hope that Europe, in spite of this uncomfortable situation, will be able to remain both flexible and liberal."@en1

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