Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-12-03-Speech-3-093"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2003-12-03"^^xsd:date2
dcterms:Is Part Of	lp_eu:The Stability and Growth Pact2
dcterms:Language	"sv"^^xsd:language2
lpv:document identification number	"en.20031203.7.3-093"2
lpv:hasSubsequent	lp_eu:2003-12-03-Speech-3-0942
lpv:speaker	lp:Jonas Sjöstedt2
lpv:spokenAs	unknown; Vänsterpartiet (1999-07-20--2004-07-19)3 substitute; CONT (2002-03-21--2004-07-19)3 member; Members from the European Parliament to the Joint Parliamentary Assembly of the Agreement between the African, Caribbean and Pacific States and the European Union (ACP-EU) (2002-02-06--2004-07-19)3 substitute; Delegation to the European Economic Area Joint Parliamentary Committee (EEA) (2002-02-07--2004-07-19)3 vice-chair; Delegation to the EU-Lithuania Joint Parliamentary Committee (2002-02-07--2004-04-30)3 member; Committee on the Environment, Public Health and Consumer Policy (2002-01-17--2004-07-19)3 member; EUL/NGL (1999-07-20--2004-07-19)3
lpv:translated text	"Madam President, the crisis in which the Stability and Growth Pact finds itself shows very clearly the instability of the EU’s currency union. We can see how an economic crisis is very quickly also transformed into a political crisis, given the way in which the currency union is at present constructed. We can see how, in practice, there are quite different rules for large countries such as Germany and France and for small countries such as Portugal and Ireland. This crisis is not only due to the requirements of the Stability and Growth Pact not being fulfilled. At root, there are significantly deeper problems. Germany’s and France’s problems are basically about low growth and unduly low employment. The problem is that, in practice, the EU’s currency union and Stability and Growth Pact have nothing to offer in terms of getting growth under way and creating higher employment. In that way, the crisis is in danger of deepening. We also see clearly that different countries in the eurozone are now most likely doing well for having different policies. Countries with quite different rates of growth and inflation need different interest and exchange rates. It is no coincidence that those Western European countries that are not part of the currency union enjoy, on average, very much stronger economic development than the eurozone countries. The euro is part of the problem. It must be realised that the Stability and Growth Pact no longer works, but must be altered. It must be able to allow a more expansive economic policy in times of crisis so that it is possible to escape from the economic crisis. A very large majority of Swedes voted against the common currency in a referendum in September. The crisis in the Stability and Growth Pact is further proof that it was a clever decision to stay out of the EU’s currency union. It is now time to go further and, in the ongoing Intergovernmental Conference, to confirm the Swedish ‘no’ in a legally binding exemption that is at least as comprehensive as the British one."@en1

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