Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-07-03-Speech-4-028"
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"en.20030703.2.4-028"2
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"Madam President, we can all measure the positive economic impact of the birth of the euro, and I am thinking in particular of the general easing of interest rates and the abolition of risk premiums, from which all European countries are benefiting. However, we can also see the limits to these benefits: the short-lived expansion phase from 1997 to 2000 and the current economic stagnation.
It was Jacques Delors who said that the euro was not enough. He asked for strong coordination of economic policies. We have not yet achieved this, and we are now desperately in need of a European economic policy. I approve of Mr Gasòliba’s report, which is a move in this direction, and which expresses the desire for, among other things, the development of public and private investment, of human capital, of research, and of the mobility and qualifications of workers. The Convention should have drawn up the tools to achieve these objectives. It has not done so and that is one of its great failings. We have not really been able to construct the euro group within the framework of the work of the Convention. Even though Member States could, as they say, take additional measures in terms of major economicpolicies, they have neither the fiscal nor the budgetary means to do so.
I would add that the monetary policy which was mentioned just now, and about which complimentary words were spoken, neither anticipated nor understood the reversal in the world economy and was very late in reacting to it, which demonstrates the difficulty that we have in imagining our position within the world as a whole.
It is all very well to talk of structural reforms – and these are certainly essential – but, as Mr Delors also said, competition is not enough: we must build up cooperation and solidarity between us if we want to have a successful economy and play a role in the governance of the world economy.
Without this willingness and these concepts, let us at least work towards institutional reforms, let us try to equip ourselves with institutional tools. You have proposed a single representation of the euro zone, and have aired the idea of a minister for economic affairs who would play a role that was at once both internal and external and who would operate as part of the Commission. Obviously I can only support these proposals, which are a step in the right direction."@en1
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