Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-03-11-Speech-2-262"
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"en.20030311.10.2-262"2
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"Mr President, my home country, Sweden, will be holding a referendum on the euro this autumn. In spite of the fact that we are still not part of the eurozone, we are nonetheless actively attempting to fulfil the convergence criteria and to respect the rules of the Stability and Growth Pact. The Commission and the rapporteur, Mr Olle Schmidt, point out that, on two issues – the rate of exchange and legislation concerning the Swedish Central Bank – Sweden does not meet the requirements. I believe that it will be possible quickly to fulfil the requirements regarding these issues if the outcome of the referendum is a ‘yes’ vote.
Our respect for these rules does not only have to do with the fact that they exist as external demands. Rather, it primarily has to do with the fact that we ourselves perceive that they are beneficial to the Swedish economy, which has also constantly been improving. At present, we have relatively low inflation and low unemployment, together with stable state finances. What is more, we have higher growth than many other countries. These are basically good rules. It would therefore be dangerous to begin to ignore these rules, together with budgetary discipline, as soon as some people have problems. That would undermine confidence in the euro and EMU.
Notwithstanding the approach pursued by the Group of the European People’s Party (Christian Democrats) and European Democrats in certain amendments, there are reasons for developing the rules of the pact in the long term. Allow me to mention a few examples, for instance concerning the matter of price stability. Clearly, we must stick to the inflation target, but, for example, the two per cent requirement could possibly be the average for an economic cycle, so that inflation
be one per cent in one year and three per cent in another. That is something that would favour growth and increase flexibility. The same applies to state finances. The Commission has put forward an interesting proposal whereby countries with low national debts should be given increased opportunities to provide loans for long-term investments. That is something I believe would be constructive.
Allow me finally to say that, for both political and economic reasons, I hope that Sweden will soon be involved in cooperation concerning the euro. If we can strengthen and unify Europe in a situation in which the dollar’s and the United States’s dominance is so powerful and, at the same time, reduce the risk of new currency and interest crises, then I obviously think that the Swedes should vote in favour of the euro. I should like to express my thanks, especially to Mr Olle Schmidt who has produced a truly excellent report of which I shall vote in favour."@en1
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