Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-07-03-Speech-4-037"
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"en.20030703.2.4-037"2
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"The first conclusion to be drawn from the introduction of the euro is a considerable increase in the cost of the shopping basket of the housewife, who, Mr Gasòliba, contrary to what you have written, is far from being purely a psychological illusion, and whom I am not confusing with inflation.
One can also conclude that the euro, which is over-valued, is starting to amplify the difficulties of our economies, namely the sluggishness of growth and of internal demand, the handicapping of our exports, the threat of deflation, and a dogmatic stability pact which imposes a procyclical budgetary policy. Who will dare to put a figure, in terms of jobs, on the cost of the single currency and the delays and excuses of the European Central Bank?
The United States, which serves as your model in so many fields, should also serve as a model in matters concerning economic and monetary policy. The US Federal Reserve has other things on its mind than how to beat an inflation rate that is little more than 2%. The United States preserves its growth, which is already considerably more dynamic than ours, by issuing dollars. It uses them to finance not only its deficits but its wars as well, and it also uses them as the basis for its political domination.
Why should we not do the same with the euro? The rapporteur states that the advantages of the single currency far outweigh its disadvantages. That is merely a profession of faith, and the faith must be translated into reality."@en1
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