Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-10-21-Speech-1-043"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2002-10-21"^^xsd:date2
dcterms:Is Part Of	lp_eu:Stability and Growth Pact2
dcterms:Language	"el"^^xsd:language2
lpv:document identification number	"en.20021021.4.1-043"2
lpv:hasSubsequent	lp_eu:2002-10-21-Speech-1-0442
lpv:speaker	lp:Giorgos Katiforis2
lpv:spokenAs	substitute; PECH (2002-01-17--2004-07-19)3 member; Delegation to the EU-Turkey Joint Parliamentary Committee (2002-03-07--2004-07-19)3 substitute; Committee on Foreign Affairs, Human Rights, Common Security and Defence Policy (2002-01-17--2004-07-19)3 member; ECON (2002-01-17--2004-07-19)3 unknown; Panellinio Socialistiko Kinima (1999-07-20--2004-07-19)3 vice-chair; PES (1999-07-20--2004-07-19)3
lpv:translated text	"Mr President, Mr President of the Commission, ladies and gentlemen, the Stability and Growth Pact was adopted in 1997 as an extension to the excessive deficit procedure, the Maastricht Treaty having famously required that Member States had to remain below the excessive deficit limit in order to join the single currency. Consequently, in spirit – not in letter but in spirit – the Stability and Growth Pact can be no better or worse than the Maastricht requirement in question. Many people perhaps consider that the introduction and success of the euro are ex-post vindication of the inflation and excessive deficit limits, those all too restrictive limits. They are wrong! The strict limits imposed in Maastricht certainly succeeded in keeping prices under control, but they exacerbated unemployment in the European economy. Unemployment and recession have not strengthened the value of the euro, they have undermined it, witness the fact that the euro fell by nearly 20% against the dollar when it was introduced, at a time when budgetary deficits were under better control than they are now, while now that deficits are supposedly getting out of control, the euro is almost on a one-to-one parity with the dollar. Witness also the fact that every time the European Central Bank has raised interest rates, that is, every time it has tightened monetary policy, the value of the euro has fallen rather than risen, contrary to the expectations of those who decided to raise interest rates. The money markets will supposedly punish Europe for its governments' lack of budgetary discipline by depressing the value of the euro. Wrong! The money markets know full well how important economic activity is to the value of a currency and appear to have no intention of punishing a reasonable relaxation in this restrictive policy – reasonable of course in that no one is talking about excesses or irresponsibility – at a time when we are on the brink of another major recession. I think that this analysis justifies President Prodi's choice of words and analysis."@en1

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