Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-07-03-Speech-4-120"
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"en.20030703.5.4-120"2
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".
The Blokland report welcomes the Euro’s appreciation towards the dollar but warns that this trend must not endanger exports. It also exposes a black hole in monetary union: no one knows exactly what the exchange rate target for the euro is. It is certainly not up to the ECB to set this target, because the bank’s sole task is to maintain price stability. The call for a wide-ranging study of the euro’s development confirms that the ECB itself does not appear to be taking much interest in this problem.
This acknowledged and even proclaimed ignorance confirms that our analysis of the euro is correct: this is not an instrument designed to support an economic policy that is better coordinated and more favourable to employment. It is basically a tool for the economic police, intended to put pressure on salaries and social expenditure. It is not surprising to note, therefore, that this report, like the Gasòliba i Böhm report, is insistent on calling for the strictest orthodoxy, particularly in budgetary matters. Far from deploring the breaches of the Stability Pact, we consider that its principles are both inapplicable in practice and profoundly damaging in their effects. This is why we have voted against these two reports, which do nothing but compulsively restate plans that the economic situation has long since proven to be irrelevant."@en1
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