Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-09-15-Speech-3-115"
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"en.20040915.6.3-115"2
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"Mr President, we live in a European Union in which an internal market operates and where there is free movement of goods, persons, services and capital. We have also seen the success of the internal market in terms of net job creation. The success of economic and monetary union has eliminated the possibility of seeing hungry speculators playing one currency off against the other for personal gain, while doing serious economic damage to European countries and to their citizens.
The euro is a strong currency for business and it is succeeding, but we must analyse the rules governing economic coordination. Some EU countries are breaching the Stability and Growth Pact rules and are doing so with impunity. There is a question of economic credibility at play here. We either all comply with the rules or we do not. There cannot be some rules for the larger countries and other rules for smaller countries. This not only impinges on the credibility of our economic rules, but it leads to a broader problem of selling a focused message to the citizens of Europe about the positive work of the European Union itself.
For example, the Commission reprimanded the Irish Government a few years ago about the economic governance of our country, at a time when our economy was growing at 10% per annum. I support economic coordination, but everybody playing in the same pitch must play according to the same economic rules. I support a review of the rules governing the Stability and Growth Pact. Countries with low debt should be allowed to invest in key infrastructural projects of national importance. This is serious business and EU governments must look closely at the different options available to us. Any possible change to these rules must be fair and equal to all participants.
In Europe we have difficulties concerning the operation of the Stability and Growth Pact, but we must work through them with a sense of purpose and determination."@en1
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