Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-07-03-Speech-4-032"
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"en.20030703.2.4-032"2
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"Madam President, Commissioner, ladies and gentlemen, it is four and a half years since the European single currency, the euro, first saw the light of day with an exchange rate of 1.17 to the dollar, which was, at that time, intended to adequately reflect price levels on the two sides of the Atlantic. Since then, as we know, the euro's exchange rate has followed a roller coaster course. At present, it has returned to its starting point. But, basically speaking, we Europeans should not be too concerned about the euro exchange rate, because no one can explain or even predict short-term exchange rate fluctuations between one day and six months. We should instead be focussing on economic problems, which are more important, and leave exchange rate trends to the foreign currency markets.
Even if public acceptance of the euro has increased, the most recent polls carried out by opinion research organisations indicate, for example, that in many Germans’ thinking, the Deutschmark is still very much alive. That this should be so was, however, totally predictable and should by no means be seen in a negative light. The increasing public acceptance of the euro is a gradual process and can in no way diminish the impact of this key event in monetary policy in the history of the continent of Europe. As far as withdrawals from cash machines are concerned, I support the rapporteur's view that we need more smaller-denomination banknotes, that is, 5-euro and 10-euro notes.
I am, however, rather more critical about the idea of setting up a working party to investigate the need for a 1-euro banknote. The most recent opinion polls confirm that in Germany at least there is widespread opposition to this idea. There, for example, 79% of the population clearly rejects this low denomination note, with only 16% in favour of introducing it. Even if opinion polls are not the be-all and end-all, this result nevertheless seems to clearly confirm that the public, at least in Germany, does not see any need for such a note. In short, the answer to the question ‘Do we need a 1 euro note alongside the 1 euro coin?’ is very definitely ‘no’. The euro denominations currently in circulation are fine."@en1
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