Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-07-03-Speech-4-031"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2003-07-03"^^xsd:date2
dcterms:Is Part Of	lp_eu:Eurozone2
dcterms:Language	"fr"^^xsd:language2
lpv:document identification number	"en.20030703.2.4-031"2
lpv:hasSubsequent	lp_eu:2003-07-03-Speech-4-0322
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	"Madam President, the Gasòliba i Böhm report draws up a positive balance sheet for the operation of the euro zone since 1999, highlighting many advantages but only rare and hypothetical disadvantages. Nevertheless, we can be a little more precise than that: the real advantages exist and have, moreover, been known from the beginning. For example, the disappearance of fluctuations in exchange rates between countries in the euro zone, which has no doubt saved us from a few crises in recent months. Nevertheless, the disadvantages exist too. These can be found, in particular, in a growth rate that has halved and an unemployment rate that has doubled in the euro zone compared with the non-euro zone. No doubt there are several reasons for this difference, but one of those reasons is very definitely the inflexibility resulting from uniform interest rates and exchange rates, when these are applied to economies whose needs remain very different. Another disadvantage, which rarely occurs, is the lack of incentive for structural reforms, which is the result of making responsibilities mutual. Previously, poor national management could cause a monetary crisis, which would require corrective measures. Now, the responsibilities of saint and sinner countries are blurred, thanks to the single currency, so that certain parties can put off reforms as long as the euro still has credit. Admittedly the plan was that the disappearance of the disciplines of the exchange market would be compensated for by the disciplines of the stability pact, but it has now been proved that these administrative disciplines are not enough to replace those of the market. As for the strengthening of overall economic coordination and a European budget drawn up in accordance with federal principles, which the report calls for, we must not count on these too much in the immediate future, as is shown by the somewhat unsatisfactory results obtained on this chapter in the Convention. Moreover, it would not be in accordance with what was agreed at Maastricht. In other words, Madam President, the ship of the euro zone is afloat, but it cannot be piloted, and no one knows where it is heading. I hope it is not heading towards a superstate."@en1

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